{"id":562273,"date":"2021-05-18T04:24:44","date_gmt":"2021-05-18T04:24:44","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/utilities-schools-and-landlords-could-securitize-cashflows-theyve-not-even-booked\/"},"modified":"2021-05-18T04:24:44","modified_gmt":"2021-05-18T04:24:44","slug":"utilities-schools-and-landlords-could-securitize-cashflows-theyve-not-even-booked","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/utilities-schools-and-landlords-could-securitize-cashflows-theyve-not-even-booked\/","title":{"rendered":"Utilities, schools and landlords could securitize cashflows they\u2019ve not even booked"},"content":{"rendered":"

<\/a> A new type of securitization under consideration by regulators could stoke the <\/strong>Egyptian market:<\/strong> Utilities and other companies that provide ongoing services to the public may soon be able to raise capital by securitizing future cashflows under a new instrument greenlit by the Financial Regulatory Authority last week, the regulator said in a statement<\/a>.<\/p>\n

How does it work?<\/strong> Known as future flow securitization<\/a>, the instrument would give a wide range of private- and public-sector companies \u2014 from utility providers and telecom companies to healthcare and education outfits and landlords renting out properties \u2014 access to liquidity without needing a big portfolio of accounts receivables. Future income, whether from phone bills, utility payments, tuition fees or rent, can be packaged into securities and offered to investors in order to raise capital.<\/p>\n

The subtle but key difference between this and <\/strong>traditional securitization<\/a><\/strong>:<\/strong> Where standard securitization involves collateralizing on-balance sheet accounts receivables, future flow instruments securitize payments that do not yet exist on the company\u2019s balance sheet.<\/p>\n

Future flow securities have the potential to create a larger securitization market in Egypt<\/strong>, Imane Raouf, senior associate at Dreny and Partners Law Firm told us. It would allow a larger number of companies that lack the receivables needed to issue traditional securitized bonds to enter the market and sell future flows to investors, she said.<\/p>\n

It could spur infrastructure spending: <\/strong>Companies that provide basic amenities will be able to issue tradable future-flow bonds to fund big-ticket spending on infrastructure, road, and transport projects without needing to wait for payments from their clients. The FRA singled out those companies as the key beneficiaries of the mechanism.<\/p>\n

When could this become reality?<\/strong> Future flow securitization would become an option for businesses if proposed amendments to the Capital Markets Act (pdf)<\/a> pass the House of Representatives.<\/p>\n

Securitization in Egypt has stepped up a gear in recent years:<\/strong> Securitized bonds have developed into an increasingly popular form of corporate financing among real estate and consumer finance companies and an important alternative to unsecuritized corporate paper, of which the country has barely seen any in recent years<\/a>. The market is busy so far into 2021, with Palm Hills being the latest to announce a sale when it closed an EGP 800 mn issuance late last month<\/a>.<\/p>\n

For the ABC of securitization:<\/strong> Check out our explainer here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

A new type of securitization under consideration by regulators could stoke the Egyptian market: Utilities and other companies that provide ongoing services to the public may soon be able to raise capital by securitizing future cashflows under a new instrument greenlit by the Financial Regulatory Authority last week, the regulator said in a statement. How […]<\/p>\n","protected":false},"author":1,"featured_media":562274,"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":[8614],"tags":[971,72,76,343,871,85],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-562273","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regulation-watch","tag-capital-markets-act","tag-enterpriseam","tag-financial-regulatory-authority","tag-regulation","tag-regulation-watch","tag-securitization","wpautop","entry"],"acf":{"mongo_id":"7329833c-65a7-4bdc-b31e-eb4ecc30d055","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/5\/135.jpg","photo_position":"above","related_issue":[562267],"teaser":"","voice_url":""},"yoast_head":"\nUtilities, schools and landlords could securitize cashflows they\u2019ve not even booked - 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\/05\/18\/utilities-schools-and-landlords-could-securitize-cashflows-theyve-not-even-booked\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Utilities, schools and landlords could securitize cashflows they\u2019ve not even booked\" \/>\n<meta property=\"og:description\" content=\"A new type of securitization under consideration by regulators could stoke the Egyptian market: Utilities and other companies that provide ongoing services to the public may soon be able to raise capital by securitizing future cashflows under a new instrument greenlit by the Financial Regulatory Authority last week, the regulator said in a statement. 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The statement was short on details but the Financial Regulatory Authority later clarified that the changes are related to its proposals from\u2026","rel":"","context":"In "Cabinet watch"","block_context":{"text":"Cabinet watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/cabinet-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":544785,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/21\/make-way-for-future-flow-securitization\/","url_meta":{"origin":562273,"position":1},"title":"Make way for future flow securitization","author":"enterpriseam admin","date":"21 March 2022","format":false,"excerpt":"Future flow securitization is officially here: President Abdel Fattah El Sisi has ratified amendments to the Capital Markets Act that introduce future flow securitization, according to a decree published in the Official Gazette (pdf).What is future flow securitization? Future flow securitization differs from traditional securitization in that it allows the\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/277.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":562273,"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":546528,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/19\/cira-could-be-the-first-to-tap-the-future-flow-securitization-market\/","url_meta":{"origin":562273,"position":3},"title":"CIRA could be the first to tap the future flow securitization market","author":"enterpriseam admin","date":"19 May 2022","format":false,"excerpt":"CIRA could issue Egypt\u2019s first future flow securities: EGX-listed private sector education outfit CIRA is in talks with the Financial Regulatory Authority (FRA) to issue EGP 1.5 bn worth of future flow securities, a source with first-hand knowledge of the transaction told Enterprise yesterday. 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":551168,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/30\/enterprise-explains-future-flow-securitization\/","url_meta":{"origin":562273,"position":4},"title":"Enterprise Explains: Future flow securitization","author":"enterpriseam admin","date":"30 May 2022","format":false,"excerpt":"Enterprise Explains: Future flow securitization. Earlier this year, the Financial Regulatory Authority (FRA) proposed amendments to the Capital Markets Act that would allow service providers, both public and private, to raise capital by selling securitized bonds to investors after pooling together so-called \u201cfuture flows.\u201d This would mean those companies would\u2026","rel":"","context":"In "WHAT\u2019S NEXT"","block_context":{"text":"WHAT\u2019S NEXT","link":"https:\/\/enterpriseam.com\/egypt\/category\/whats-next-2\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/562.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":562273,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/562273","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=562273"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/562273\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/562267"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/562274"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=562273"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=562273"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=562273"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=562273"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=562273"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}