{"id":563441,"date":"2021-07-04T04:00:17","date_gmt":"2021-07-04T04:00:17","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/04\/its-official-cib-confirmed-to-be-our-first-corporate-green-bond-issuer\/"},"modified":"2021-07-04T04:00:17","modified_gmt":"2021-07-04T04:00:17","slug":"its-official-cib-confirmed-to-be-our-first-corporate-green-bond-issuer","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/04\/its-official-cib-confirmed-to-be-our-first-corporate-green-bond-issuer\/","title":{"rendered":"It\u2019s official: CIB confirmed to be our first corporate green bond issuer"},"content":{"rendered":"

<\/a> FRA signs off on CIB\u2019s USD 100 mn corporate green bond issuance: <\/strong>The Financial Regulatory Authority (FRA) signed off on Egypt\u2019s first corporate green bond issuance last Wednesday, which, as expected, is being piloted by our friends at CIB, the FRA said in a statemen<\/a>t<\/a>. Subscription for the issuance opened on Wednesday, which will see the sale of USD 100 mn in noncallable, five-year, fixed-rate bonds, CIB said in a statement<\/a>.<\/p>\n

Who\u2019s buying?<\/strong> The International Finance Corporation (IFC) will subscribe to the full issuance, CIB said.<\/p>\n

This is a larger offering than what was previously expected: <\/strong>CIB was originally planning to take an initial USD 65 mn tranche to market last October<\/a>, Heba Abdellatif, head of debt capital markets at CIB, told us last year. The IFC was said to be on board to snap up the entire issuance, and raise its investment to USD 100 mn in a subsequent tranche. It now appears that the CIB has upped that initial offering to USD 100 mn.<\/p>\n

Where\u2019s the money going?<\/strong> \u201cProceeds will be used to fund a portfolio of green loans extended by CIB to its corporate as well as medium- and small-enterprise clients in addition to funding CIB\u2019s green building capital expenditure for up to 20% of the proceeds,\u201d the bank said.<\/p>\n

This isn\u2019t our first rodeo with green bonds:<\/strong> The Finance Ministry took the country\u2019s maiden USD 750 mn sovereign green bonds to market last September<\/a>. The issuance was almost 5x oversubscribed, attracting some USD 3.7 bn worth of orders. Finance Minister Mohamed Maait said last month<\/a> that a second issuance is in the cards during the coming fiscal year, which starts on 1 July, but that the matter was not yet settled.<\/p>\n

Advisors:<\/strong> CIB is acting as lead manager of the issuance, Zulficar Law Office is providing legal advice, and Deloitte is the auditor.<\/p>\n","protected":false},"excerpt":{"rendered":"

FRA signs off on CIB\u2019s USD 100 mn corporate green bond issuance: The Financial Regulatory Authority (FRA) signed off on Egypt\u2019s first corporate green bond issuance last Wednesday, which, as expected, is being piloted by our friends at CIB, the FRA said in a statement. Subscription for the issuance opened on Wednesday, which will see […]<\/p>\n","protected":false},"author":1,"featured_media":563442,"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":[7825],"tags":[240,88,72,76,224,246,759],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-563441","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-green-economy","tag-cib","tag-debt-watch","tag-enterpriseam","tag-financial-regulatory-authority","tag-green-bonds","tag-green-economy","tag-international-finance-corporation","wpautop","entry"],"acf":{"mongo_id":"fc62c317-f2f7-4543-88a3-fa75725b6c0a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/7\/15.jpg","photo_position":"above","related_issue":[563437],"teaser":"","voice_url":""},"yoast_head":"\nIt\u2019s official: CIB confirmed to be our first corporate green bond issuer - 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\/07\/04\/its-official-cib-confirmed-to-be-our-first-corporate-green-bond-issuer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"It\u2019s official: CIB confirmed to be our first corporate green bond issuer\" \/>\n<meta property=\"og:description\" content=\"FRA signs off on CIB\u2019s USD 100 mn corporate green bond issuance: The Financial Regulatory Authority (FRA) signed off on Egypt\u2019s first corporate green bond issuance last Wednesday, which, as expected, is being piloted by our friends at CIB, the FRA said in a statement. 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The USD 100 mn sale \u2014 expected to be the country\u2019s first\u2026","rel":"","context":"In "SPEED ROUND: GREEN ECONOMY"","block_context":{"text":"SPEED ROUND: GREEN ECONOMY","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-green-economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":566600,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/29\/egypts-first-corporate-green-bond-sale-to-be-announced-tomorrow\/","url_meta":{"origin":563441,"position":1},"title":"Egypt\u2019s first corporate green bond sale to be announced tomorrow?","author":"enterpriseam admin","date":"29 June 2021","format":false,"excerpt":"Meanwhile, Egypt\u2019s first corporate green bonds sale is getting FRA signoff tomorrow, Omran said during the press conference. While he made no mention of the issuer, the only company we know to have announced a corporate green bond issuance are our friends at CIB, which is looking to take to\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":574080,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/30\/rayas-bariq-receives-fra-approval-for-a-eur-40-mn-green-bond-offering\/","url_meta":{"origin":563441,"position":2},"title":"Raya\u2019s BariQ receives FRA approval for a EUR 40 mn green bond offering","author":"enterpriseam admin","date":"30 August 2020","format":false,"excerpt":"DEBT WATCH- BariQ, Raya\u2019s recycling unit, receives FRA approval for a EUR 40 mn green bond offering: The Financial Regulatory Authority (FRA) has greenlit Raya Holdings\u2019 subsidiary BariQ\u2019s EUR 40 mn green bond issuance, unnamed sources told Al Mal. The company plans to take the green bonds to market by\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\/8\/235.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555713,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/24\/cib-approves-green-bond-funding\/","url_meta":{"origin":563441,"position":3},"title":"CIB approves green bond funding","author":"enterpriseam admin","date":"24 November 2021","format":false,"excerpt":"Our friends at leading private sector bank CIB have approved the allocation of USD 70 mn in proceeds from its maiden green bond issuance to fund sustainable projects, the bank said in a statement (pdf) yesterday.CIB went ahead with Egypt\u2019s first-ever corporate green bond issuance earlier this year, which saw\u2026","rel":"","context":"In "GREEN FINANCE"","block_context":{"text":"GREEN FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/category\/green-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/577.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573466,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/06\/bariq-to-issue-eur-40-mn-green-bonds-by-early-2021\/","url_meta":{"origin":563441,"position":4},"title":"BariQ to issue EUR 40 mn green bonds by early 2021","author":"enterpriseam admin","date":"6 August 2020","format":false,"excerpt":"Raya\u2019s BariQ is looking to take a EUR 40 mn green bond to market by early 2021 to finance the expansion of its recycled plastic food packaging operations, Al Mal reports, citing people familiar with the matter. The company plans to close the issuance at the end of this year\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\/8\/33.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574169,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/01\/raya-denies-its-subsidiary-is-issuing-green-bonds\/","url_meta":{"origin":563441,"position":5},"title":"Raya denies its subsidiary is issuing green bonds","author":"enterpriseam admin","date":"1 September 2020","format":false,"excerpt":"Raya denies its subsidiary is issuing green bonds: Neither Raya Holdings nor its recycling subsidiary BariQhave filed for Financial Regulatory Authority approval to issue green bonds, the Raya said in a regulatory filing (pdf). The disclosure comes as a surprise after repeated reports in the domestic press that BariQ not\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/563441","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=563441"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/563441\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/563437"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/563442"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=563441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=563441"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=563441"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=563441"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=563441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}