{"id":559724,"date":"2021-02-02T04:13:24","date_gmt":"2021-02-02T04:13:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/02\/sarwas-advisory-pipeline-includes-egp-10-bn-worth-of-sukuk\/"},"modified":"2021-02-02T04:13:24","modified_gmt":"2021-02-02T04:13:24","slug":"sarwas-advisory-pipeline-includes-egp-10-bn-worth-of-sukuk","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/02\/sarwas-advisory-pipeline-includes-egp-10-bn-worth-of-sukuk\/","title":{"rendered":"Sarwa\u2019s advisory pipeline includes EGP 10 bn worth of sukuk"},"content":{"rendered":"

Sarwa Capital is quarterbacking at least three sukuk <\/strong>issuances<\/strong> this year<\/strong> with a combined value of more than EGP 10 bn, the local press<\/a> reports, citing sources in the know. The consumer- and structure-finance player\u2019s sukuk issuance manager, Sarwa Sukuk Company, is currently working on an EGP 5.5 bn offering for real estate player Palm Hills Development (PHD), a EGP 3 bn sale for real estate outfit Hassan Allam Properties, and a EGP 1.1 bn offering for home- and resort-builder Amer Group, the sources say.<\/p>\n

Record breaking?<\/strong> If the figures are accurate, the size of the PHD and Hassan Allam sales would break the record set by Sarwa last year, when it closed a EGP 2.5 bn issuance<\/a>. Sarwa was the first financial services company to land a sukuk license<\/a> in Egypt.<\/p>\n

We already knew about the Amer sale: <\/strong>Sarwa Capital CFO Ayman El Sawy said last year that it would issueEGP 2 bn of sukuk<\/a> for Amer in 1Q2021<\/a>, a figure almost double that of yesterday\u2019s report.<\/p>\n

Egypt\u2019s sukuk market only saw the light of day in 2019 <\/strong>when the Financial Regulatory Authority (FRA) published the regulatory framework<\/a>. After EGP 5.1 bn of the sharia-compliant securities were issued last year, some expect the market to swell to EGP 20-25 bn this year<\/a>. So far, only three companies have issued sukuk: private education outfit Cira in December<\/a>, Sarwa a month earlier<\/a>, and Talaat Moustafa Group in April<\/a>.<\/p>\n

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

EFG Hermes Corp-Solutions is looking to securitize a part of its receivables <\/strong>portfolio in the second half of 2021<\/strong>, said Talal Elayat<\/a>, who heads up the investment bank\u2019s subsidiary. Corp-Solutions, which provides leasing and factoring services, grew 55% in 2020, Elayat said.<\/p>\n

Egypt\u2019s secondary bond market may be getting a new lease on life<\/strong>, according to Al Mal<\/a>, which quotes sources saying that the FRA wants to use the momentum generated by the recent<\/a>spate of corporate issuance<\/a> to finally bring retail investors into the fold to push towards an active market. The regulator will invite investors to take part in public consultations on what needs to happen to kickstart a secondary market, the sources said.<\/p>\n

Correction: 2 February 2021. Sarwa will manage a EGP 3 bn issuance for Hassan Allam Properties. <\/em>A previous version of this story taken from Al Borsa incorrectly said that Sarwa will manage a EGP 4 bn issuance for Hassan Allam Holding.\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Sarwa Capital is quarterbacking at least three sukuk issuances this year with a combined value of more than EGP 10 bn, the local press reports, citing sources in the know. The consumer- and structure-finance player\u2019s sukuk issuance manager, Sarwa Sukuk Company, is currently working on an EGP 5.5 bn offering for real estate player Palm […]<\/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":[102,88,820,72,2337,595],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-559724","post","type-post","status-publish","format-standard","hentry","category-debt-watch","tag-capital-markets","tag-debt-watch","tag-efg-hermes-corp-solutions","tag-enterpriseam","tag-islamic-finance","tag-non-banking-financial-services","wpautop","entry"],"acf":{"mongo_id":"670c1e36-7e3f-4348-b5e2-cc599466992e","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[559716],"teaser":"","voice_url":""},"yoast_head":"\nSarwa\u2019s advisory pipeline includes EGP 10 bn worth of sukuk - 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\/02\/02\/sarwas-advisory-pipeline-includes-egp-10-bn-worth-of-sukuk\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sarwa\u2019s advisory pipeline includes EGP 10 bn worth of sukuk\" \/>\n<meta property=\"og:description\" content=\"Sarwa Capital is quarterbacking at least three sukuk issuances this year with a combined value of more than EGP 10 bn, the local press reports, citing sources in the know. 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The sharia-compliant mudaraba sukuk carries a seven-year tenor and will be used to finance the expansion of\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\/7\/263.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575039,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/30\/sarwa-capital-unnamed-company-to-issue-egp-4-5-bn-of-sukuk-this-year\/","url_meta":{"origin":559724,"position":1},"title":"Sarwa Capital, unnamed company to issue EGP 4.5 bn of sukuk this year","author":"enterpriseam admin","date":"30 September 2020","format":false,"excerpt":"DEBT WATCH- Two corporate sukuk offerings worth a combined EGP 4.5 bn are expected to go to market this year, including Sarwa Capital\u2019s planned EGP 2.5 bn issuance and another EGP 2 bn sale from an unnamed company in the services industry, head of the Financial Regulatory Authority\u2019s Central Administration\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\/9\/327.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576028,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/08\/sarwa-capitals-egp-2-5-bn-contact-sukuk-issuance-to-launch-in-2-weeks\/","url_meta":{"origin":559724,"position":2},"title":"Sarwa Capital\u2019s EGP 2.5 bn Contact sukuk issuance to launch in 2 weeks","author":"enterpriseam admin","date":"8 November 2020","format":false,"excerpt":"DEBT WATCH- Sarwa Capital will take a EGP 2.5 bn sukuk issuance to market over the coming two weeks on behalf of its subsidiary Contact, the local press reports. The single-tranche issuance is awaiting final approval by the Financial Regulatory Authority and is part of Sarwa Capital\u2019s strategy to diversify\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":543785,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/phds-board-approves-egp-3-25-bn-sukuk-sale\/","url_meta":{"origin":559724,"position":3},"title":"PHD\u2019s board approves EGP 3.25 bn sukuk sale","author":"enterpriseam admin","date":"17 February 2022","format":false,"excerpt":"Palm Hills Developments (PHD) is taking a EGP 3.25 bn sukuk issuance to market after its board of directors signed off on the sale, according to a company disclosure (pdf). The sale, which will be managed by Contact Financial Holdings\u2019 sukuk arm, will finance the real estate developer\u2019s Badya project.PHD\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\/2\/249.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544893,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/27\/we-made-our-samurai-bond-debut-phd-closes-its-egp-3-25-bn-sukuk-offering\/","url_meta":{"origin":559724,"position":4},"title":"We made our Samurai bond debut + PHD closes its EGP 3.25 bn sukuk offering","author":"enterpriseam admin","date":"27 March 2022","format":false,"excerpt":"Egypt successfully closed its maiden Samurai bond issuance, selling USD 500 mn (c.JPY 60 bn) of the JPY-denominated bonds in Japan today, the Finance Ministry said in a statement Thursday. The ministry took the issuance to market despite the spillover from the Russian invasion of Ukraine, and the sale makes\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\/3\/357.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573005,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/16\/sarwa-submits-prospectus-for-egypts-second-corporate-sukuk-issuance\/","url_meta":{"origin":559724,"position":5},"title":"Sarwa submits prospectus for Egypt\u2019s second corporate sukuk issuance","author":"enterpriseam admin","date":"16 July 2020","format":false,"excerpt":"DEBT WATCH- Sarwa submits prospectus for Egypt\u2019s second corporate sukuk issuance: Consumer- and structured- finance player Sarwa Capital is preparing a single-tranche EGP 2.5 bn corporate sukuk issuance, Ayman El Sawy, managing director of Sarwa Promotion & Underwriting, told Hapi Journal. 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