{"id":567973,"date":"2020-12-14T04:03:40","date_gmt":"2020-12-14T04:03:40","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/14\/what-to-expect-from-the-debt-market-in-early-21\/"},"modified":"2020-12-14T04:03:40","modified_gmt":"2020-12-14T04:03:40","slug":"what-to-expect-from-the-debt-market-in-early-21","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/14\/what-to-expect-from-the-debt-market-in-early-21\/","title":{"rendered":"What to expect from the debt market in early \u201821"},"content":{"rendered":"

<\/a> Five companies are planning seven securitized bond issuances worth a combined <\/strong>EGP 9.3 bn in the near future<\/strong>, Financial Regulatory Authority (FRA) boss Mohamed Omran said in a statement (pdf)<\/a>. The issuances have already been greenlit by the FRA\u2019s board of directors, but it\u2019s still unclear when exactly they\u2019ll hit the market. The companies will be looking to securitize outstanding leasing, consumer finance, mortgage, and factoring receivables through existing special purpose vehicles (SPVs), Omran said.<\/p>\n

The FRA also separately approved multi-tranche programs by two companies that plan to securitize EGP 12.5 bn-worth of receivables<\/strong>, according to Omran. The unnamed real estate companies plan to get the programs up and running to finance working capital, he added.<\/p>\n

What we know so far: <\/strong>CI Capital-owned Corplease is planning to issue EGP 2.5 bn of the repackaged securities, we noted last month<\/a>. The issuance, which is likely one of the seven Omran referred to yesterday, will set a new record as the largest private sector issuance in Egypt. State-owned Banque Misr\u2019s investment arm Misr Capital is acting as lead manager<\/a> on at least three other securitized offerings, which we expect to hear more about soon. Those include a planned EGP 1 bn sale by AT Lease, which we noted last month<\/a> was pushed to 2021.<\/p>\n

Securitized bonds are becoming an increasingly popular means of debt finance:<\/strong> Corplease, Sarwa<\/a>, Palm Hills<\/a>, and Raya<\/a> are some of the private sector firms to sell asset-backed securities to investors this year. Sizes have ranged anywhere from Premium Card\u2019s EGP 182 mn offering<\/a> to Sarwa\u2019s EGP 1.8 bn issuance<\/a> in May. The New Urban Communities Authority was responsible for the largest issuance this year, selling EGP 10 bn of bonds<\/a> to investors to fund new developments in the new capital and New El Alamein.<\/p>\n

But Enterprise, what are securitized bonds?<\/strong> Check out our explainer here<\/a>.<\/p>\n

THANK THE CBE FOR THIS SPATE OF BORROWING-<\/strong> The 400 bps rate cuts enacted this year already helped push up corporate borrowing 18% y-o-y in the first five months of 2020, while personal loans increased by 30% over the same period, BNP Paribas said in a report picked up by the local press<\/a>. The uptick in corporate lending comes after years of businesses keeping their capex borrowing plans on ice until interest rates came down to pre-float levels<\/a>. Though Egypt\u2019s poverty rate decreased<\/a> in FY2019-2020 for the first time in two decades, the increase in personal loans could be a reflection of job losses and economic hardship caused by covid-19, with 74% of Egyptians reporting diminished incomes<\/a> since covid-19 began, according to a July CAPMAS report.<\/p>\n

Fawry eyes debt to charge growth<\/p>\n

Fawry subsidiary <\/strong>Fawry Microfinance i<\/strong>s looking to borrow at least EGP 300 mn<\/strong> from its existing shareholders to expand its microfinance portfolio and increase operations, Fawry CEO Ashraf Sabry told Enterprise. Negotiations are ongoing with 6.3% shareholder Banque Misr to provide a EGP 150 mn loan. The Egyptian American Enterprise Fund, which holds a 9.7% stake in the firm, had previously agreed to extend a USD 10 mn loan<\/a> to the microfinance firm. The company is hoping to expand its microfinance portfolio to EGP 500 mn by the end of next year, up from EGP 204 mn in 9M2020.<\/p>\n

Expanding the microfinance subsidiary is complementary to Fawry\u2019s digital lending ecosystem <\/strong>as it enables merchants to pay their suppliers electronically, Sabry told us. \u201cWe have seen solid growth in 2020 and we see the potential of lending to small businesses to finance their working capital and purchases from suppliers<\/strong>,\u201d he added. Fawry became Egypt\u2019s first widely recognized unicorn<\/a>, reaching a market cap of USD 1 bn in August, after its share price increased by more than 300% since it debuted on the EGX last year<\/a>.<\/p>\n

Hermes resumes its EGP 2 bn corporate bond program<\/p>\n

Hermes Securities Brokerage sold a second EGP 500 mn tranche of <\/strong>unsecuritized bonds, resuming its EGP 2 bn two-year corporate bond program<\/strong>, according to an emailed statement (pdf)<\/a>. The issuance was 1.3x oversubscribed without local banks, with strong demand from \u201ca broad array of domestic Egyptian corporates,\u201d said EFG Hermes\u2019 co-head of investment banking Mostafa Gad.<\/p>\n

Background:<\/strong> The EFG Hermes subsidiary began the program with an EGP 400 mn issuance<\/a> of one-year bonds in December 2019, ending a decade-long dry spell<\/a> for corporate bond issuances. New FRA regulations<\/a> introduced in 2018 now allow joint-stock and limited liability companies, banks, financial institutions, and SMEs to sell short-term debt instruments with maturities of less than two years to retail and institutional investors.<\/p>\n

Advisers: <\/strong>EFG Hermes acted as financial adviser and main underwriter for the issuance, and acted as guarantor for the issuance along with Banque Misr\u2019s Misr Capital. Zulficar & Partners acted as counsel, while KPMG Hazem Hassan acted as auditor.<\/p>\n

MEANWHILE- SolarizEgypt is eyeing EGP 300 mn-worth of loans from local banks<\/strong> for its solar energy projects, Managing Director Yaseen Abdel-Ghaffar said, according to the local press<\/a>.<\/p>\n

CORRECTION-<\/strong> The version of this story published in our email edition incorrectly identified Corplease as being owned by CIB. It is owned by former CIB subsidiary CI Capital, which acquired Corplease<\/a> from its former corporate parent in 2016.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Five companies are planning seven securitized bond issuances worth a combined EGP 9.3 bn in the near future, Financial Regulatory Authority (FRA) boss Mohamed Omran said in a statement (pdf). The issuances have already been greenlit by the FRA\u2019s board of directors, but it\u2019s still unclear when exactly they\u2019ll hit the market. The companies will […]<\/p>\n","protected":false},"author":1,"featured_media":567974,"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":[943,88,84,757,72,519,76,183,125,2337,343,85,280],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-567973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-bnp-paribas","tag-debt-watch","tag-efg-hermes","tag-egyptian-american-enterprise-fund","tag-enterpriseam","tag-fawry","tag-financial-regulatory-authority","tag-fintech","tag-investment-watch","tag-islamic-finance","tag-regulation","tag-securitization","tag-sukuk","wpautop","entry"],"acf":{"mongo_id":"7cceca97-24f4-425c-82aa-1f57c286dabb","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/12\/237.jpg","photo_position":"above","related_issue":[567969],"teaser":"","voice_url":""},"yoast_head":"\nWhat to expect from the debt market in early \u201821 - 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\/2020\/12\/14\/what-to-expect-from-the-debt-market-in-early-21\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What to expect from the debt market in early \u201821\" \/>\n<meta property=\"og:description\" content=\"Five companies are planning seven securitized bond issuances worth a combined EGP 9.3 bn in the near future, Financial Regulatory Authority (FRA) boss Mohamed Omran said in a statement (pdf). 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The green bond issuance will be used to finance renewable energy projects and could be cross-listed on the EGX\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\/1\/206.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559724,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/02\/sarwas-advisory-pipeline-includes-egp-10-bn-worth-of-sukuk\/","url_meta":{"origin":567973,"position":1},"title":"Sarwa\u2019s advisory pipeline includes EGP 10 bn worth of sukuk","author":"enterpriseam admin","date":"2 February 2021","format":false,"excerpt":"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\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":617830,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/28\/nuca-eyes-egp-260-bn-sukuk-issuance-in-2024\/","url_meta":{"origin":567973,"position":2},"title":"NUCA eyes EGP 260 bn sukuk issuance in 2024","author":"enterpriseam admin","date":"28 March 2024","format":false,"excerpt":"NUCA\u2019s issuance would be the first of its kind from a government entity","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\/2024\/3\/2541.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559402,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/20\/everybody-loves-debt\/","url_meta":{"origin":567973,"position":3},"title":"Everybody loves debt\u2026","author":"enterpriseam admin","date":"20 January 2021","format":false,"excerpt":"A fresh EGP 170 mn securitized bond issuance EFG Hermes is looking to take to market should soon get regulatory approval, Financial Regulatory Authority head Mohamed Omran said yesterday, according to Hapi Journal. The FRA hopes to increase debt instrument issuances by 15-20%, said Omran, particularly considering the increased recent\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":658341,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/08\/aman-holding-and-erada-microfinance-close-bond-issuances-with-ci-capital\/","url_meta":{"origin":567973,"position":4},"title":"Aman Holding and Erada Microfinance close bond issuances with CI Capital","author":"enterpriseam admin","date":"8 January 2025","format":false,"excerpt":"CI Capital spearheaded securitization deals for Contact Financial, GB Lease, Aman Consumer Finance, and Erada Microfinance","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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":629810,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/02\/nasr-omran-unveil-new-2018-2022-strategy-for-development-of-non-banking-financial-sector\/","url_meta":{"origin":567973,"position":5},"title":"Nasr, Omran unveil new 2018-2022 strategy for development of non-banking financial sector","author":"enterpriseam admin","date":"2 April 2018","format":false,"excerpt":"Nasr, Omran strategy to drive growth of non-bank financial sector, focus seems to be on futures exchange and easing red tape: Investment Minister Sahar and Financial Regulatory (FRA) boss Mohamed Omran announced yesterday they were launching a four-year strategy aimed at developing Egypt\u2019s non-banking financial services sector. The plan, they\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\/567973","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=567973"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/567973\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/567969"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/567974"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=567973"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=567973"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=567973"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=567973"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=567973"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}