{"id":547778,"date":"2022-07-06T04:19:02","date_gmt":"2022-07-06T04:19:02","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/06\/cira-moves-one-step-closer-to-future-flow-securities\/"},"modified":"2022-07-06T04:19:02","modified_gmt":"2022-07-06T04:19:02","slug":"cira-moves-one-step-closer-to-future-flow-securities","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/06\/cira-moves-one-step-closer-to-future-flow-securities\/","title":{"rendered":"CIRA moves one step closer to future flow securities"},"content":{"rendered":"

<\/a> CIRA shareholders greenlight future flow securitization:<\/strong> Shareholders of EGX-listed education provider CIRA have approved the company\u2019s plans for a EGP 2 bn future flow securitization program<\/a>, moving it a step closer to debuting the asset-backed securities in Egypt, it said in an EGX disclosure (pdf)<\/a> on Monday. At a general assembly meeting on Sunday, shareholders gave the green light for the portfolio to be handed to the company\u2019s financial advisor, EFG Hermes, and signed off on the value of the first issuance, which will see it sell EGP 800 mn worth of bonds to financial institutions and other institutional investors.<\/p>\n

The program:<\/strong> CIRA plans to issue EGP 2 bn worth of securities backed by future tuition revenues over the course of three years. The Financial Regulatory Authority approved the program last month.<\/p>\n

The first issuance will wrap within the coming two months<\/strong>, Al Borsa<\/a> quotes Mostafa Gad, co-head of EFG\u2019s investment banking division, as saying. Bonds in the three-tranche issuance will be sold at EGP 100 each, and will carry tenors of three, five and six years.<\/p>\n

Advisors:<\/strong> EFG Hermes is the financial advisor on the transaction, Zulficar & Partners is providing legal counsel, and PwC is the auditor.<\/p>\n

Future flow securitization? <\/strong>Future flow securitization differs from traditional securitization in that it allows the securitization of payments that aren\u2019t yet on the company\u2019s balance sheet, giving companies access to liquidity without needing a big portfolio of accounts receivables. Future income \u2014 whether from club memberships, phone bills, utility payments, tuition fees or rents \u2014 is packaged into securities and offered to investors to raise capital. This gives public- and private-sector companies such as utilities providers, healthcare companies, telecom players, and education outfits a new way to access liquidity.<\/p>\n

Background: <\/strong>Amendments to the Capital Markets Act that introduce future flow securitization were signed into law<\/a> in March, after the FRA approved the instruments for use last May<\/a>.<\/p>\n

WANT TO LEARN MORE?<\/strong> Check out our explainer on future flow securitization here<\/a>.<\/p>\n

IN OTHER DEBT NEWS-<\/strong><\/p>\n

The World Bank\u2019s Multilateral Investment Guarantee Agency (MIGA<\/strong>) is backing USD 98.3 mn worth of Scatec\u2019s<\/strong> USD 334.5 mn green bond issuance to refinance six solar plants<\/a> in Benban, according to a MIGA statement<\/a> yesterday.<\/p>\n","protected":false},"excerpt":{"rendered":"

CIRA shareholders greenlight future flow securitization: Shareholders of EGX-listed education provider CIRA have approved the company\u2019s plans for a EGP 2 bn future flow securitization program, moving it a step closer to debuting the asset-backed securities in Egypt, it said in an EGX disclosure (pdf) on Monday. At a general assembly meeting on Sunday, shareholders […]<\/p>\n","protected":false},"author":1,"featured_media":547779,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7274],"tags":[402,88,73,84,72,2127,85],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-cira-education","tag-debt-watch","tag-education","tag-efg-hermes","tag-enterpriseam","tag-future-flow-securities","tag-securitization","wpautop","entry"],"acf":{"mongo_id":"29988310-2cd9-40cf-9191-6e141f4b0cac","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/7\/137.jpg","photo_position":"above","related_issue":[547770],"teaser":"","voice_url":""},"yoast_head":"\nCIRA moves one step closer to future flow securities - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/06\/cira-moves-one-step-closer-to-future-flow-securities\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CIRA moves one step closer to future flow securities\" \/>\n<meta property=\"og:description\" content=\"CIRA shareholders greenlight future flow securitization: Shareholders of EGX-listed education provider CIRA have approved the company\u2019s plans for a EGP 2 bn future flow securitization program, moving it a step closer to debuting the asset-backed securities in Egypt, it said in an EGX disclosure (pdf) on Monday. 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The securities will be backed by\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/249.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548172,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/28\/ciras-maiden-future-flow-bond-issuance-could-close-next-month\/","url_meta":{"origin":547778,"position":2},"title":"CIRA\u2019s maiden future flow bond issuance could close next month","author":"enterpriseam admin","date":"28 July 2022","format":false,"excerpt":"It\u2019s official: CIRA\u2019s future flow securitization program has gotten the nod from the Financial Regulatory Authority (FRA), which has given EFG Hermes the final go-ahead to take EGX-listed education provider CIRA\u2019s planned EGP 800 mn issuance to market. The offering is Egypt\u2019s first-ever future flow securitization, CIRA and the regulator\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/305.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577027,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/07\/we-finally-got-our-first-future-flow-issuance-courtesy-of-cira\/","url_meta":{"origin":547778,"position":3},"title":"We finally got our first future flow issuance, courtesy of CIRA","author":"enterpriseam admin","date":"7 November 2022","format":false,"excerpt":"CIRA Education closes Egypt\u2019s maiden EGP 800 mn future flow securitization issuance: EGX-listed education provider CIRA Education has closed its maiden EGP 800 mn future flow issuance as part of a larger EGP 2 bn future flow securitized bond program, the company said in a statement (pdf) yesterday. The full\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/110.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":590449,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/19\/talaat-moustafa-plans-egp-500-mn-future-flow-securitization\/","url_meta":{"origin":547778,"position":4},"title":"Talaat Moustafa plans EGP 500 mn future flow securitization","author":"enterpriseam admin","date":"19 July 2023","format":false,"excerpt":"This would be the second future flow issuance in Egypt","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/770.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547163,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/our-first-ever-future-flow-issuance-could-be-just-around-the-corner-rayas-aman-eyes-egp-500-650-mn-securitized-issuance\/","url_meta":{"origin":547778,"position":5},"title":"Our first-ever future flow issuance could be just around the corner + Raya\u2019s Aman eyes EGP 500-650 mn securitized issuance","author":"enterpriseam admin","date":"12 June 2022","format":false,"excerpt":"CIRA could issue Egypt\u2019s first future flow securitized bonds next month: The Financial Regulatory Authority (FRA) has approved a program that would see EGX-listed private sector education outfit CIRA issue EGP 2 bn of future flow securitized bonds over three years, CIRA CEO Mohamed El Kalla told Enterprise. The first\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/226.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547778","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=547778"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547778\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547770"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/547779"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547778"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=547778"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=547778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}