{"id":576484,"date":"2020-11-25T04:14:11","date_gmt":"2020-11-25T04:14:11","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/25\/the-debt-market-is-really-heating-up-heading-into-2021\/"},"modified":"2020-11-25T04:14:11","modified_gmt":"2020-11-25T04:14:11","slug":"the-debt-market-is-really-heating-up-heading-into-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/25\/the-debt-market-is-really-heating-up-heading-into-2021\/","title":{"rendered":"The debt market is really heating up heading into 2021"},"content":{"rendered":"

<\/a> DEBT WATCH- The debt market is really heating up heading into 2021<\/strong>:<\/strong> Two securitized bond offerings worth a combined EGP 4 bn are going to market before the end of the year, said<\/a> Khalil El Bawab, the CEO of Banque Misr\u2019s investment arm Misr Capital, which is acting as lead manager on both sales. While he didn\u2019t disclose names of companies, the size of the issuances (EGP 2.5 bn and EGP 1.5 bn) match planned sales by Corplease<\/a> and Palm Hills Developments<\/a> that have been slated to take place this year.<\/p>\n

Misr Capital has another three securitized bond offerings in its pipeline for next year and at least one sukuk issuance <\/strong>coming up, El Bawab said. Together, its offerings for the rest of 2020 and into 2021 are worth a combined EGP 7 bn, he said. Misr Capital and Sarwa Capital are advising Amer Group\u2019s upcoming<\/a> EGP 2 bn sukuk offering. The Banque Misr subsidiary was also tapped as lead manager for an expected EGP 1 bn securitized bond sale by AT Lease, which we noted last week<\/a> was pushed to next year. The company is also working on a potential corporate green bonds sale, El Bawab added without providing details.<\/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 has been 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

OTHER COMPANIES IN THE MARKET FOR DEBT- Leading private education outfit CIRA <\/strong>is mulling a sukuk issuance<\/strong>, the company said in a disclosure (pdf)<\/a>. CIRA did not disclose the expected size of the sale, but \u0650Al Mal<\/a> reports that it could be worth EGP 600 mn, according to sources familiar with the matter. The company is currently seeking the necessary permissions from the Financial Regulatory Authority, sources said.<\/p>\n

Background:<\/strong> This would be the third issuance of corporate sukuk in Egypt, following Talaat Moustafa Groups\u2019s EGP 2 bn<\/a> offering in April, and the Sarwa Capital\u2019s upcoming EGP 2.5 bn<\/a> sale. Amer Group is also said<\/a> to be in the market for Sharia compliant debt and could complete a sale before the end of the year.<\/p>\n

Advisors:<\/strong> EFG Hermes is leading the CIRA issuance, while Zulficar & Partners is acting as legal counsel.<\/p>\n

In other debt news, Sarwa Capital is planning to start giving out housing loans to low- <\/strong>and middle-income families<\/strong> under an agreement it recently signed with the state\u2019s Social Housing Mortgage Finance Fund, said Managing Director Said Zater, according to Al Mal<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

DEBT WATCH- The debt market is really heating up heading into 2021: Two securitized bond offerings worth a combined EGP 4 bn are going to market before the end of the year, said Khalil El Bawab, the CEO of Banque Misr\u2019s investment arm Misr Capital, which is acting as lead manager on both sales. While […]<\/p>\n","protected":false},"author":1,"featured_media":576485,"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":[832,402,137,88,84,72,10426,595,354,83,85,2380,280,2350],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-576484","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-amer-group","tag-cira-education","tag-corplease","tag-debt-watch","tag-efg-hermes","tag-enterpriseam","tag-financial-advice","tag-non-banking-financial-services","tag-palm-hills-developments","tag-real-estate","tag-securitization","tag-speed-round","tag-sukuk","tag-zulficar-partners","wpautop","entry"],"acf":{"mongo_id":"ccf79237-31c5-4740-8efc-9cc78489efd1","is_powered_by":true,"section_story_id":"1c53ecf2-df2e-4e9c-a021-4a33f539d850","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/11\/273.jpg","photo_position":"above","related_issue":[576475],"teaser":"","voice_url":""},"yoast_head":"\nThe debt market is really heating up heading into 2021 - 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\/11\/25\/the-debt-market-is-really-heating-up-heading-into-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The debt market is really heating up heading into 2021\" \/>\n<meta property=\"og:description\" content=\"DEBT WATCH- The debt market is really heating up heading into 2021: Two securitized bond offerings worth a combined EGP 4 bn are going to market before the end of the year, said Khalil El Bawab, the CEO of Banque Misr\u2019s investment arm Misr Capital, which is acting as lead manager on both sales. 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Al Taamir \u2014 a special purpose vehicle set up by the New Urban Communities Authority\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\/2021\/1\/167.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542549,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/03\/corplease-closes-egp-2-4-bn-securitized-bond-issuance\/","url_meta":{"origin":576484,"position":3},"title":"Corplease closes EGP 2.4 bn securitized bond issuance","author":"enterpriseam admin","date":"3 January 2022","format":false,"excerpt":"CI Capital\u2019s leasing arm Corplease has closed a four-tranche EGP 2.4 bn securitized bond issuance, investment bank Misr Capital said in a statement (pdf). The four tranches were rated AA+, AA, AA- and BBB by MERIS.Who took part? Banque Misr, Banque du Caire, National Bank of Egypt, CIB, AAIB, Attijariwafa\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\/26.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576560,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/30\/palm-hills-closes-egp-1-25-bn-securitized-bond-sale-more-corporate-sukuk-issuance-on-the-way\/","url_meta":{"origin":576484,"position":4},"title":"Palm Hills closes EGP 1.25 bn securitized bond sale + more corporate sukuk issuance on the way","author":"enterpriseam admin","date":"30 November 2020","format":false,"excerpt":"Palm Hills (PHD) has closed a triple-tranche EGP 1.25 bn securitized bond issuance, in a transaction handled by CI Capital Investment Banking (CIIB) and the Arab African Bank, Palm Hills (pdf) and CI Capital (pdf) said in EGX filings. The issuance, backed by a receivables portfolio worth EGP 1.5 bn,\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\/2020\/11\/310.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559807,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/04\/at-lease-takes-egp-1-bn-securitized-bond-to-market\/","url_meta":{"origin":576484,"position":5},"title":"AT Lease takes EGP 1 bn securitized bond to market","author":"enterpriseam admin","date":"4 February 2021","format":false,"excerpt":"AT Lease has issued its second securitized bond offering worth EGP 1.09 bn after receiving the greenlight from regulators to move forward with the issuance, the company said in an EGX disclosure (pdf) yesterday. The three-tranche issuance, initially slated for 3Q2020, has seen AT Lease offer an initial 13-month EGP\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\/2021\/2\/87.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\/576484","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=576484"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/576484\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/576475"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/576485"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=576484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=576484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=576484"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=576484"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=576484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}