{"id":558383,"date":"2021-08-08T04:37:48","date_gmt":"2021-08-08T04:37:48","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/08\/tamweel-eyes-debt-market\/"},"modified":"2021-08-08T04:37:48","modified_gmt":"2021-08-08T04:37:48","slug":"tamweel-eyes-debt-market","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/08\/tamweel-eyes-debt-market\/","title":{"rendered":"Tamweel eyes debt market"},"content":{"rendered":"

<\/a> A banking syndicate led by CIB is gearing up to take to market securitized bonds <\/strong>worth EGP 1.1 bn for Tamweel Holdings<\/strong>, Al Shorouk<\/a> reports, citing unnamed sources with direct knowledge of the transaction. The mortgage and consumer finance company is mulling two issuances of securitized bonds for its real estate and financial leasing arms, each of which is worth EGP 550 mn, the sources said, without specifying an estimated timeframe for the issuances.<\/p>\n

Tamweel is owned by Ebtikar<\/strong>, which had transferred the former company's shares to a new parent company earlier this year as part of plans to spin off<\/a> businesses unrelated to e-payments ahead of its planned IPO in 4Q2021<\/a>.<\/p>\n

OTHER DEBT NEWS-<\/strong> Real estate company Qatari Diar\u2019s subsidiary East Gate <\/strong>developments has obtained regulatory approval to borrow EGP 12 bn <\/strong>from an unnamed Egyptian state-owned bank, sources in the know told Al Shorouk<\/a>. East Gate will use the facility to finance its East Cairo real estate project CityGate<\/a>.The company has completed payment of some EGP 530 mn to the government for the land and can now use it as collateral for the loan, the sources said.<\/p>\n

Qatari Diar recently resumed work on its CityGate project <\/strong>after the New Urban Communities Authority (NUCA) approved its license to continue work on the project earlier this year<\/a> following a four-year dispute<\/a> over the developer allegedly changing the terms of the contract by selling stakes in the project to other shareholders without permission from the regulator. NUCA had demanded an EGP 1.3 bn fees and fines. The case was overturned when the administrative court ruled<\/a> that mergers or acquisitions between real estate joint stock companies have no legal bearing on these companies\u2019 legal status.<\/p>\n","protected":false},"excerpt":{"rendered":"

A banking syndicate led by CIB is gearing up to take to market securitized bonds worth EGP 1.1 bn for Tamweel Holdings, Al Shorouk reports, citing unnamed sources with direct knowledge of the transaction. The mortgage and consumer finance company is mulling two issuances of securitized bonds for its real estate and financial leasing arms, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[140,240,7106,88,138,72,85],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-558383","post","type-post","status-publish","format-standard","hentry","category-debt-watch","tag-b-investments","tag-cib","tag-debt","tag-debt-watch","tag-ebtikar","tag-enterpriseam","tag-securitization","wpautop","entry"],"acf":{"mongo_id":"4ba368a8-c920-480b-a938-4d6adef4b251","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[558370],"teaser":"","voice_url":""},"yoast_head":"\nTamweel eyes debt market - 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\/2021\/08\/08\/tamweel-eyes-debt-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tamweel eyes debt market\" \/>\n<meta property=\"og:description\" content=\"A banking syndicate led by CIB is gearing up to take to market securitized bonds worth EGP 1.1 bn for Tamweel Holdings, Al Shorouk reports, citing unnamed sources with direct knowledge of the transaction. 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The program is set to be completed by 2023, according to the statement.The issuance includes three tranches with ratings of A+, AA and A, respectively, according\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\/2021\/12\/542.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575076,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/01\/ebtikar-receives-offers-for-stakes-in-e-payments-firms-bee-masary\/","url_meta":{"origin":558383,"position":1},"title":"Ebtikar receives offers for stakes in e-payments firms Bee, Masary","author":"enterpriseam admin","date":"1 October 2020","format":false,"excerpt":"M&A WATCH- Foreign, local investors eye stakes in fintech players Bee, Masary: Non-banking financial services outfit Ebtikar has received \u201cseveral\u201d offers from unnamed local and foreign investors for stakes in two of its subsidiaries, Bee smart payment solutions and Masary smart payment services, the local press reported, citing sources with\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/18.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564445,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/07\/management-of-tamweels-egp-500-mn-bond-issuance-up-for-grabs\/","url_meta":{"origin":558383,"position":2},"title":"Management of Tamweel\u2019s EGP 500 mn bond issuance up for grabs?","author":"enterpriseam admin","date":"7 February 2021","format":false,"excerpt":"Mortgage and consumer finance company Tamweel Holdings is planning a EGP 500 mn securitized bond issuance some time in 2Q2021, managing director Mohamed El Kahkaky says. The move is likely meant to grow the company\u2019s mortgage finance portfolio to EGP 700 mn in 2021, up from around EGP 606 mn\u2026","rel":"","context":"In "SPEED ROUND: DEBT WATCH"","block_context":{"text":"SPEED ROUND: DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/413.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564361,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/26\/debt-market-welcomes-rayas-aman\/","url_meta":{"origin":558383,"position":3},"title":"Debt market welcomes Raya\u2019s Aman","author":"enterpriseam admin","date":"26 August 2021","format":false,"excerpt":"Raya subsidiary Aman completed the issuance of EGP 585 mn in securitized bonds, according to a statement (pdf) from the National Bank of Egypt (NBE), which acted as co-lead manager on the transaction alongside our friends at CIB. While details of the sale were not noted in the statement, Raya\u2026","rel":"","context":"In "SPEED ROUND: DEBT WATCH"","block_context":{"text":"SPEED ROUND: DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/533.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599133,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/19\/ode-offloads-87-stake-in-tamweel-for-egp-313-mn\/","url_meta":{"origin":558383,"position":4},"title":"ODE offloads 87% stake in Tamweel for EGP 313 mn","author":"enterpriseam admin","date":"19 June 2019","format":false,"excerpt":"M&A WATCH- ODH to use proceeds from Tamweel sale to pay down debt: Orascom Development Egypt (ODE) will use EGP 313 mn in cash proceeds from its sale of Tamweel Group to pay down debt, it said in a disclosure to the stock exchange (pdf). 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