{"id":576520,"date":"2020-11-29T03:59:50","date_gmt":"2020-11-29T03:59:50","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/29\/sarwa-sukuk-sets-record-as-biggest-yet-first-for-an-nbfs-player\/"},"modified":"2020-11-29T03:59:50","modified_gmt":"2020-11-29T03:59:50","slug":"sarwa-sukuk-sets-record-as-biggest-yet-first-for-an-nbfs-player","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/29\/sarwa-sukuk-sets-record-as-biggest-yet-first-for-an-nbfs-player\/","title":{"rendered":"Sarwa sukuk sets record as biggest yet + first for an NBFS player"},"content":{"rendered":"

<\/a> Egypt now has a sukuk issuance by a non-banking financial services player under<\/strong> its belt <\/strong>after Sarwa Capital closed its EGP 2.5 bn issuance, according to an EGX disclosure (pdf)<\/a> Thursday. The sharia-compliant security carries a seven-year tenor and will be used to finance the expansion of Sarwa subsidiary Contact Credit and its affiliates. The bonds were offered exclusively through private placement to institutional investors and received an A- credit rating by Middle East Ratings and Investors Service (MERIS). This is only the second corporate issuance of the sharia-compliant securities after Talaat Moustafa Group closed a EGP<\/a>2 bn sale<\/a> in April.<\/p>\n

Advisors:<\/strong> Sarwa\u2019s issuance was covered and guaranteed<\/a> by Banque Misr<\/strong> and Misr Capital<\/strong>, and was co-underwritten by CIB<\/strong> and Ahli United Bank<\/strong>. ALC Alieldean Weshahi & Partners<\/strong> was legal counsel, KPMG Hazem Hassan<\/strong> provided financial auditing services, and Elite Consulting Group<\/strong> acted as independent financial consultant.<\/p>\n

IS A HYBRID SUKUK NEXT? Amer Group\u2019s <\/strong>anticipated issuance<\/a><\/strong> is set to <\/strong>hit the market in 1Q2021<\/strong>, Sarwa Capital CFO Ayman El Sawy told the local press<\/a>. The Sarwa-managed offering could be Egypt\u2019s first hybrid sukuk issuance with a mix of ijara<\/a> and mudaraba<\/a> bonds on offer. Local press reported in September that Amer could sell EGP 2 bn<\/a> of the securities, though the final figure has not been confirmed. The Financial Regulatory Authority expects to see<\/a> corporate sukuk issuance worth up to EGP 10.2 bn next year.<\/p>\n

IN OTHER DEBT NEWS- Palm Hills plans to <\/strong>securitize EGP 1.6 bn of its portfolio<\/strong> in an issuance handled by the Arab African International Bank (AAIB), Hapi Journal<\/a> reports. The company had said earlier this year<\/a> it would be releasing the issuance, which is its largest to date, to capitalize on low interest rates and settle debts.<\/p>\n

Advisors: <\/strong>AAIB, CIB and Al Ahli United bank will guarantee the issuance, while ALC Alieldean Weshahi & Partners will act as legal counsel and Grant Thornton Mohamed Hilal as financial auditor for the issuance.<\/p>\n

What the heck is securitization, anyway?<\/strong> Check out our explainer<\/a> for a primer on securitized bonds.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt now has a sukuk issuance by a non-banking financial services player under its belt after Sarwa Capital closed its EGP 2.5 bn issuance, according to an EGX disclosure (pdf) Thursday. The sharia-compliant security carries a seven-year tenor and will be used to finance the expansion of Sarwa subsidiary Contact Credit and its affiliates. The […]<\/p>\n","protected":false},"author":1,"featured_media":576521,"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":[1628,3699,832,576,240,933,88,72,86,85,280,1517],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-576520","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-ahli-united-bank","tag-alc-alieldean-weshahi-partners","tag-amer-group","tag-banque-misr","tag-cib","tag-contact-financial","tag-debt-watch","tag-enterpriseam","tag-misr-capital","tag-securitization","tag-sukuk","tag-talaat-moustafa-group","wpautop","entry"],"acf":{"mongo_id":"638cf2dd-260a-4ffc-b6bd-7dced92a6222","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/11\/290.jpg","photo_position":"above","related_issue":[576514],"teaser":"","voice_url":""},"yoast_head":"\nSarwa sukuk sets record as biggest yet + first for an NBFS player - 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\/29\/sarwa-sukuk-sets-record-as-biggest-yet-first-for-an-nbfs-player\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sarwa sukuk sets record as biggest yet + first for an NBFS player\" \/>\n<meta property=\"og:description\" content=\"Egypt now has a sukuk issuance by a non-banking financial services player under its belt after Sarwa Capital closed its EGP 2.5 bn issuance, according to an EGX disclosure (pdf) Thursday. 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The sharia-compliant mudaraba sukuk carries a seven-year tenor and will be used to finance the expansion of\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\/7\/263.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573052,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/19\/amer-group-is-looking-to-get-on-egypts-corporate-sukuk-bandwagon\/","url_meta":{"origin":576520,"position":1},"title":"Amer Group is looking to get on Egypt\u2019s corporate sukuk bandwagon","author":"enterpriseam admin","date":"19 July 2020","format":false,"excerpt":"DEBT WATCH- Amer Group is looking to get on the corporate sukuk bandwagon, having signed consumer- and structure-finance player Sarwa Capital and Misr Capital Investments, Banque Misr\u2019s investment arm, as advisors on a potential corporate sukuk issuance, according to a bourse disclosure (pdf). The issuance would be Amer Group\u2019s first.\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":576520,"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":575636,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/21\/egypts-sarwa-amer-to-close-sukuk-sales-before-end-of-2020\/","url_meta":{"origin":576520,"position":3},"title":"Egypt\u2019s Sarwa, Amer to close sukuk sales before end of 2020","author":"enterpriseam admin","date":"21 October 2020","format":false,"excerpt":"DEBT WATCH- Sarwa, Amer to close sukuk sales before 2020 ends: Sukuk issuances by EGX-listed Sarwa Capital and Amer Group are set to go to market before the year is out, the local pressreports, citing sources it says have knowledge of the transactions. Sarwa, a structured- and consumer-finance player, is\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":575039,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/30\/sarwa-capital-unnamed-company-to-issue-egp-4-5-bn-of-sukuk-this-year\/","url_meta":{"origin":576520,"position":4},"title":"Sarwa Capital, unnamed company to issue EGP 4.5 bn of sukuk this year","author":"enterpriseam admin","date":"30 September 2020","format":false,"excerpt":"DEBT WATCH- Two corporate sukuk offerings worth a combined EGP 4.5 bn are expected to go to market this year, including Sarwa Capital\u2019s planned EGP 2.5 bn issuance and another EGP 2 bn sale from an unnamed company in the services industry, head of the Financial Regulatory Authority\u2019s Central Administration\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\/327.jpg?fit=%2C&ssl=1&resize=350%2C200","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":576520,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/576520","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=576520"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/576520\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/576514"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/576521"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=576520"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=576520"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=576520"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=576520"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=576520"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}