{"id":570729,"date":"2020-04-13T04:33:08","date_gmt":"2020-04-13T04:33:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/egyptian-state-owned-banks-snap-up-tmg-sukuk-issuance\/"},"modified":"2020-04-13T04:33:08","modified_gmt":"2020-04-13T04:33:08","slug":"egyptian-state-owned-banks-snap-up-tmg-sukuk-issuance","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/egyptian-state-owned-banks-snap-up-tmg-sukuk-issuance\/","title":{"rendered":"Egyptian state-owned banks snap up TMG sukuk issuance"},"content":{"rendered":"

<\/a> State-owned banks snap up TMG sukuk issuance: <\/strong>Three state-owned banks have taken 97.25% of the EGP 2 bn of sukuk issued by Talaat Moustafa Group<\/a> last week, Al Mal reports<\/a>, citing unnamed informed sources. Banque Misr and Banque du Caire each bought EGP 725 mn of the securities and Suez Canal Bank bought EGP 495 mn. Other investors and funds took the remaining EGP 55 mn.<\/p>\n

The TMG sale is Egypt\u2019s first ever corporate sukuk issuance:<\/strong> The offering, issued by TMG subsidiary the Arab Company for Projects and Urban Development, was 2.5x oversubscribed during the private placement and will be listed on the EGX to be publicly traded by investors. The certificates carry a 57-month tenor, maturing at the end of 2024, and each will have a nominal value of EGP 100. TMG had announced plans earlier this year<\/a> to launch a three-year EGP 4.5-5 bn sukuk program in April to finance the company\u2019s real estate leasing projects.<\/p>\n

Understanding sukuk:<\/strong> Unlike conventional debt-based bonds which pay out interest to investors, sukuk generate returns based on an underlying asset linked to the issuance. Ownership of the asset \u2014 in this case TMG\u2019s open-air mall in Madinaty \u2014 is typically transferred to a special purpose vehicle which issues trust certificates to investors. Investors will then receive periodic payments based on the profits generated by the asset. The SPV will manage the asset for the duration of the sukuk\u2019s maturity period.<\/p>\n

The FRA says five other sukuk offerings worth a combined EGP 5 bn are in the pipeline for this year<\/strong>, the authority\u2019s head of central financing Sayed Abdelfadil told the local press<\/a>. These include offerings from our friends at Sawa Capital<\/strong> as well as CIAF Leasing<\/a> and three other unnamed private sector companies operating in housing development, agriculture, and hospitality, he said without providing further details.<\/p>\n

Advisors: <\/strong>EFG Hermes acted as the sole coordinator and underwriter for the issuance. The investment bank is also acting as the issuing company, meaning that it will take ownership of the mall until the end of 2024 and issue the certificates. Banque Misr acted as guarantor and received the subscriptions. Banque Misr and Abu Dhabi Islamic Bank are also expecting to obtain sukuk issuer licenses<\/strong> this year, joining EFG Hermes and Sarwa as the country\u2019s only sukuk managers.<\/p>\n

Correction (13\/04\/2020):\u00a0<\/strong>A previous version of this story incorrectly stated that First Abu Dhabi Bank was expecting to acquire a sukuk license.<\/em><\/p>\n

\n","protected":false},"excerpt":{"rendered":"

State-owned banks snap up TMG sukuk issuance: Three state-owned banks have taken 97.25% of the EGP 2 bn of sukuk issued by Talaat Moustafa Group last week, Al Mal reports, citing unnamed informed sources. Banque Misr and Banque du Caire each bought EGP 725 mn of the securities and Suez Canal Bank bought EGP 495 […]<\/p>\n","protected":false},"author":1,"featured_media":570730,"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":[8572],"tags":[576,84,72,76,2380,280,1517],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-570729","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-banque-misr","tag-efg-hermes","tag-enterpriseam","tag-financial-regulatory-authority","tag-speed-round","tag-sukuk","tag-talaat-moustafa-group","wpautop","entry"],"acf":{"mongo_id":"ef7701a0-d587-43d5-83be-5cd65ef90328","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/4\/115.jpg","photo_position":"above","related_issue":[570724],"teaser":"","voice_url":""},"yoast_head":"\nEgyptian state-owned banks snap up TMG sukuk issuance - 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\/04\/13\/egyptian-state-owned-banks-snap-up-tmg-sukuk-issuance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egyptian state-owned banks snap up TMG sukuk issuance\" \/>\n<meta property=\"og:description\" content=\"State-owned banks snap up TMG sukuk issuance: Three state-owned banks have taken 97.25% of the EGP 2 bn of sukuk issued by Talaat Moustafa Group last week, Al Mal reports, citing unnamed informed sources. 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The sukuk will be listed on the exchange to\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\/267.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568633,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/29\/four-egyptian-companies-prepare-to-offer-egp-5-bn-sukuk-listings\/","url_meta":{"origin":570729,"position":1},"title":"Four Egyptian companies prepare to offer EGP 5 bn sukuk listings","author":"enterpriseam admin","date":"29 January 2020","format":false,"excerpt":"DEBT WATCH- Four Egyptian companies are gearing up to issue EGP 5 bn in sukuk on the EGX, Al Shorouk reported head of the Financial Regulatory Authority\u2019s (FRA) insurance department Sayed Abdelfadil as saying. CIAF Leasing will offer USD 50 mn while Talaat Moustafa Group (TMG) will issue EGP 2\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":591977,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/23\/efg-planning-egp-1-bn-sukuk-issuance-for-egypts-tmg\/","url_meta":{"origin":570729,"position":2},"title":"EFG planning EGP 1 bn sukuk issuance for Egypt\u2019s TMG","author":"enterpriseam admin","date":"23 December 2019","format":false,"excerpt":"DEBT WATCH- EFG Hermes planning EGP 1 bn sukuk issuance for TMG? EFG Hermes will reportedly be leading a sukuk issuance worth over EGP 1 bn for Talaat Moustafa Group (TMG) as soon as it acquires a license that it has requested from the Financial Regulatory Authority (FRA), Al Mal\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":570659,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/09\/tmg-to-issue-egypts-first-corporate-sukuk-after-securing-fra-approval\/","url_meta":{"origin":570729,"position":3},"title":"TMG to issue Egypt\u2019s first corporate sukuk after securing FRA approval","author":"enterpriseam admin","date":"9 April 2020","format":false,"excerpt":"DEBT WATCH- FRA approves Egypt\u2019s first ever corporate sukuk issuance: The Financial Regulatory Authority (FRA) has approved Talaat Moustafa Group\u2019s (TMG) planned EGP 2 bn corporate sukuk issuance, it said in an official statement (pdf). TMG subsidiary the Arab Company for Projects and Urban Development will sell the shariah-compliant bonds\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":576402,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/23\/sarwa-sukuk-issuance-gets-green-light-from-regulators\/","url_meta":{"origin":570729,"position":4},"title":"Sarwa sukuk issuance gets green-light from regulators","author":"enterpriseam admin","date":"23 November 2020","format":false,"excerpt":"DEBT WATCH- Biggest corporate sukuk yet gets regulatory approval: Sarwa Capital\u2019s EGP 2.5 bn sukuk issuance was approved by the Financial Regulatory Authority\u2019s (FRA) Sharia Supervisory Committee on Thursday, paving the way for it to become only the second company to issue sukuk in Egypt. The company yesterday signed the\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\/11\/239.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570284,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/25\/talaat-moustafa-awaiting-fra-approval-for-sukuk-issuance\/","url_meta":{"origin":570729,"position":5},"title":"Talaat Moustafa awaiting FRA approval for sukuk issuance","author":"enterpriseam admin","date":"25 March 2020","format":false,"excerpt":"DEBT WATCH- Market regulator expected to approve TMG\u2019s planned EGP 2 bn corporate sukuk issuance this week: The Financial Regulatory Authority (FRA) is expected to approve this week Talaat Moustafa Group\u2019s (TMG) planned EGP 2 bn corporate sukuk issuance, the head of the FRA\u2019s central administration for finance department tells\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\/570729","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=570729"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570729\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/570724"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/570730"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=570729"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=570729"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=570729"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=570729"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=570729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}