{"id":568409,"date":"2020-12-29T03:48:38","date_gmt":"2020-12-29T03:48:38","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/tmg-sarwa-and-cira-makes-three\/"},"modified":"2020-12-29T03:48:38","modified_gmt":"2020-12-29T03:48:38","slug":"tmg-sarwa-and-cira-makes-three","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/tmg-sarwa-and-cira-makes-three\/","title":{"rendered":"TMG, Sarwa, and CIRA makes three"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>The Financial Regulatory Authority (FRA) has signed off on EGX-listed private education <\/strong><strong>outfit CIRA\u2019s EGP 600 mn sukuk issuance<\/strong>, FRA chief Mohamed Omran announced in <a href=\"https:\/\/ent.news\/2020\/12\/FRA-Cira-statement.pdf\">a statement yesterday (pdf)<\/a>. Proceeds from the offering will fund CIRA\u2019s expansion plans in K-12 and higher education. The sukuks will carry a tenor of 84 months and the offering will be open to private institutional and high-net-worth investors, Omran noted in the statement. The sukuk will be backed by four of CIRA\u2019s K-12 schools, the company noted in a bourse filing <a href=\"https:\/\/ent.news\/2020\/12\/Cira-sukuk-sale-Dec-2020.pdf\">last week<\/a>.<\/p>\n<p><strong>This brings the total number of corporate sukuks offered this year to EGP 5.1 bn<\/strong>, Omran said. CIRA\u2019s offering will be the third issuance of corporate sukuk in Egypt, following <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ef7701a0-d587-43d5-83be-5cd65ef90328\">Talaat Moustafa Group\u2019s EGP 2 bn<\/a> offering in April and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/638cf2dd-260a-4ffc-b6bd-7dced92a6222\">Sarwa Capital\u2019s EGP 2.5 bn<\/a> sale in November, Omran emphasized. While CIRA has yet to comment, Omran\u2019s statement and CIRA\u2019s own initial closing timetable of the 27 December would indicate that we should expect an announcement on the sale this week.<\/p>\n<p><strong>EGP 10 bn in corporate sukuks are expected to be on offer in 2021<\/strong>, Omran added, echoing statements by other FRA officials <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7781d265-be69-4137-85d1-85116a1c32d3\">last month<\/a>. We\u2019re hearing of a potential EGP 2.5 bn <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/638cf2dd-260a-4ffc-b6bd-7dced92a6222\">Amer Group issuance in 1Q2021<\/a>. The Sarwa-managed offering could be Egypt\u2019s first hybrid sukuk issuance with a mix of ijara and mudaraba bonds on offer. We\u2019ve also heard that an unnamed financial services company is working on a EGP 500 mn mudaraba sukuk issuance, and that an agriculture company is looking at a EGP 250 mn \u201cistizraa\u201d issuance. Both are reportedly eyeing a 1Q2021 date.<\/p>\n<p><strong>Advisors: <\/strong>EFG Hermes Investment Banking is sole financial advisor, lead arranger and bookrunner for the transaction, while EFG Hermes Sukuk Co. will be the issuer for the EGP-denominated sukuk. Ahli United Bank, Suez Canal Bank and Banque du Caire are underwriters. Prime Capital as independent financial advisor. Zulficar & Partners is providing counsel, and Meris will provide the credit rating.<\/p>\n<p><strong>ON THE SECURITIZATION FRONT- TMG appears to be edging ahead with the issuance of EGP 885 mn in securitized bonds<\/strong>, according to<a href=\"https:\/\/ent.news\/2020\/12\/%D8%B7%D9%84%D8%B9%D8%AA-%D9%85%D8%B5%D8%B7%D9%81%D9%89-%D8%A8%D9%8A%D8%A7%D9%86-28-12-2020.pdf\">a company bourse filing (pdf)<\/a> yesterday. The disclosure simply notes that such an issuance is in-line with its business practices, so more of a non-denial than an actual confirmation. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/37eb4e75-9888-4252-aeab-820c065334aa\">Earlier this week<\/a>, reports had emerged that TMG subsidiary Al Rehab Securitization was planning the issuance with EFG Hermes acting as financial advisor and managing the issuance, while two other unnamed banks will also play a role.<\/p>\n<p><strong>TMG is also in talks with banks for a EGP 1.2 bn loan<\/strong> to fund projects in the New Administrative Capital, the statement says.<\/p>\n<p><strong>ALSO IN DEBT- The European Bank for Reconstruction and Development<\/strong> is reportedly interested in funding as much as 50% of the 6th of October drydock, sources close to the matter <a href=\"https:\/\/bit.ly\/2JpFhGA\">tell Al Mal<\/a>.<\/p>\n<p><strong>Want to catch up on what happened with debt in 2020<\/strong>, read our Year in Review on the subject <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/322b1f8e-fc8d-442f-957c-c66632dfe443\">here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Financial Regulatory Authority (FRA) has signed off on EGX-listed private education outfit CIRA\u2019s EGP 600 mn sukuk issuance, FRA chief Mohamed Omran announced in a statement yesterday (pdf). Proceeds from the offering will fund CIRA\u2019s expansion plans in K-12 and higher education. The sukuks will carry a tenor of 84 months and the offering [&hellip;]<\/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":[402,88,72,76,440,85],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-568409","post","type-post","status-publish","format-standard","hentry","category-debt-watch","tag-cira-education","tag-debt-watch","tag-enterpriseam","tag-financial-regulatory-authority","tag-mohamed-omran","tag-securitization","wpautop","entry"],"acf":{"mongo_id":"e35c477a-3c13-4345-8a06-eddc6d9f8070","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[568399],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>TMG, Sarwa, and CIRA makes three - 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\/29\/tmg-sarwa-and-cira-makes-three\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TMG, Sarwa, and CIRA makes three\" \/>\n<meta property=\"og:description\" content=\"The Financial Regulatory Authority (FRA) has signed off on EGX-listed private education outfit CIRA\u2019s EGP 600 mn sukuk issuance, FRA chief Mohamed Omran announced in a statement yesterday (pdf). Proceeds from the offering will fund CIRA\u2019s expansion plans in K-12 and higher education. The sukuks will carry a tenor of 84 months and the offering [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/tmg-sarwa-and-cira-makes-three\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-29T03:48:38+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/tmg-sarwa-and-cira-makes-three\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/tmg-sarwa-and-cira-makes-three\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"TMG, Sarwa, and CIRA makes three\",\"datePublished\":\"2020-12-29T03:48:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/tmg-sarwa-and-cira-makes-three\/\"},\"wordCount\":492,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"CIRA Education\",\"debt watch\",\"EnterpriseAM\",\"Financial Regulatory Authority\",\"Mohamed Omran\",\"securitization\"],\"articleSection\":[\"DEBT WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/tmg-sarwa-and-cira-makes-three\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/tmg-sarwa-and-cira-makes-three\/\",\"name\":\"TMG, Sarwa, and CIRA makes three - EnterpriseAM Egypt\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\"},\"datePublished\":\"2020-12-29T03:48:38+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/tmg-sarwa-and-cira-makes-three\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/tmg-sarwa-and-cira-makes-three\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/tmg-sarwa-and-cira-makes-three\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/egypt\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"TMG, Sarwa, and CIRA makes three\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"name\":\"EnterpriseAM\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\",\"name\":\"EnterpriseAM\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/240894.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/240894.svg\",\"caption\":\"EnterpriseAM\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\",\"name\":\"enterpriseam admin\",\"sameAs\":[\"http:\/\/enterpriseam.testing.projectsarea.com\"],\"url\":\"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"TMG, Sarwa, and CIRA makes three - EnterpriseAM Egypt","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/tmg-sarwa-and-cira-makes-three\/","og_locale":"en_US","og_type":"article","og_title":"TMG, Sarwa, and CIRA makes three","og_description":"The Financial Regulatory Authority (FRA) has signed off on EGX-listed private education outfit CIRA\u2019s EGP 600 mn sukuk issuance, FRA chief Mohamed Omran announced in a statement yesterday (pdf). 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TMG subsidiary the Arab Company for Projects and Urban Development will sell the shariah-compliant bonds\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":591371,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/04\/corporate-sukuks-to-debut-in-coming-weeks-with-usd-50-mn-ciaf-leasing-issuance-bonds\/","url_meta":{"origin":568409,"position":1},"title":"Corporate sukuks to debut in coming weeks with USD 50 mn CIAF Leasing issuance bonds","author":"enterpriseam admin","date":"4 December 2019","format":false,"excerpt":"DEBT WATCH- Corporate sukuks to debut in Egypt in the coming weeks? CIAF Leasing plans to issue Egypt\u2019s first corporate sukuk in the coming weeks, Financial Regulatory Authority official Sayed Abd El Fadeel told Reuters. The aircraft leasing company will sell USD 50 mn in Islamic bonds, he said, adding\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":604466,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/04\/fra-sets-framework-for-short-term-bonds-instruments\/","url_meta":{"origin":568409,"position":2},"title":"FRA sets framework for short-term bonds, instruments","author":"enterpriseam admin","date":"4 December 2018","format":false,"excerpt":"REGULATION WATCH- Aiming to create a market for corporate paper in Egypt, FRA sets framework for short-term bonds, debt instruments: The Financial Regulatory Authority (FRA) has defined the framework and regulations governing short-term debt instruments, including bonds, sukuks, and other securities with maturities of less than two years, FRA boss\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/4\/232.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":609201,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/01\/efg-hermes-closes-ciras-second-future-flow-issuance\/","url_meta":{"origin":568409,"position":3},"title":"EFG Hermes closes CIRA\u2019s second future flow issuance","author":"enterpriseam admin","date":"1 November 2023","format":false,"excerpt":"The issuance is part of a larger EGP 2 bn future flow securitized bond program","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/5.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":568409,"position":4},"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 &quot;DEBT WATCH&quot;","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":605903,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/07\/cira-education-plans-second-bond-issuance-plus-aibank-taqa-arabia-orascom-construction-edf-renewables-and-more\/","url_meta":{"origin":568409,"position":5},"title":"CIRA Education plans second bond issuance. PLUS: aiBank, Taqa Arabia, Orascom Construction, EDF Renewables, and more","author":"enterpriseam admin","date":"7 September 2023","format":false,"excerpt":"The Egypt-based education provider securitized future cashflows for the first time last year","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/9\/606.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\/568409","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=568409"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/568409\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/568399"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=568409"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=568409"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=568409"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=568409"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=568409"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}