{"id":577027,"date":"2022-11-07T04:00:57","date_gmt":"2022-11-07T04:00:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/07\/we-finally-got-our-first-future-flow-issuance-courtesy-of-cira\/"},"modified":"2022-11-07T04:00:57","modified_gmt":"2022-11-07T04:00:57","slug":"we-finally-got-our-first-future-flow-issuance-courtesy-of-cira","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/07\/we-finally-got-our-first-future-flow-issuance-courtesy-of-cira\/","title":{"rendered":"We finally got our first future flow issuance, courtesy of CIRA"},"content":{"rendered":"

<\/a> CIRA Education closes Egypt\u2019s maiden EGP 800 mn future flow <\/strong>securitization issuance: <\/strong>EGX-listed education provider CIRA Education has closed its maiden EGP 800 mn future flow issuance as part of a larger EGP 2 bn future flow securitized bond program<\/a>, the company said in a statement (pdf)<\/a> yesterday. The full program will take place over the course of three years.<\/p>\n

Who bought into the offering?<\/strong> QNB Al Ahli, Banque du Caire, Ahli United Bank, and aiBank, which is majority controlled<\/a> by our friends at EFG Hermes.<\/p>\n

Once more for those in the back \u2014 what is future flow?<\/strong> Unlike traditional securitization<\/a>, future flow allows the securitization of payments that aren\u2019t yet on the company\u2019s balance sheet, giving companies access to liquidity without needing a big portfolio of accounts receivables. Future income \u2014 whether from club memberships, phone bills, utility payments, tuition fees or rents \u2014 is packaged into securities and offered to investors in order to raise capital. Tap or click here to check out our full explainer<\/a>, and catch our deep dive on what makes education a prime candidate for future flow securitization in our recent Blackboard vertical<\/a> here.<\/p>\n

DATA POINT- The year in securitization (so far):<\/strong> The issuance brings the total value of securitized bonds brought to market so far this year to some EGP 42.8 bn, according to data tracked by Enterprise. That dwarfs the EGP 15.8 bn<\/a> taken to market during the whole of 2021.<\/p>\n

About the issuance: <\/strong>The three-tranche issuance is backed by future tuition revenues, and consisted of seven-year securities sold at EGP 100 each. The issuance received an A rating from Middle East Rating Services (MERIS). The funds raised from this first issuance will be used to cover CIRA\u2019s growth plans in the next three years, including expanding its university and K-12 offering, CEO Mohamed El Kalla previously told us.<\/p>\n

What expansions? <\/strong>CIRA is looking to open three new schools<\/a> at the beginning of the coming school year in September, an international school in Assiut in 2024. It\u2019s also partnering with<\/a> investment company Elsewedy Capital Holding to build and run a private university in New Damietta, and plans to launch Egypt\u2019s first private sector technical college<\/a> in September 2023.<\/p>\n

Advisors:<\/strong> EFG Hermes is the financial advisor on the transaction, Zulficar & Partners is providing counsel, and PwC is the auditor. QNB AlAhli, Banque Misr, and Ahli United Bank, acted as underwriters, while Ahli United Bank also acted as custodian.<\/p>\n

MORE FUTURE FLOWS COMING OUR WAY? <\/strong>The government is reportedly considering issuing future flows for utility firms in the water, electricity and gas sectors, Al Mal<\/a> reports, citing sources it says are in the know. Contact Financial Holding is also in talks with the FRA to securitize future flows in 2H 2022 on behalf of \u201cone of the largest corporate firms in Egypt,\u201d CFO Ayman Elsawy told Enterprise<\/a> earlier this year.<\/p>\n

Correction: 7 November, 2022<\/em>
\nA previous version of this story incorrectly said the Arab International Bank (AIB) acted as custodian on the transaction. The story was corrected to reflect that Ahli United Bank was custodian.\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

CIRA Education closes Egypt\u2019s maiden EGP 800 mn future flow securitization issuance: EGX-listed education provider CIRA Education has closed its maiden EGP 800 mn future flow issuance as part of a larger EGP 2 bn future flow securitized bond program, the company said in a statement (pdf) yesterday. The full program will take place over […]<\/p>\n","protected":false},"author":1,"featured_media":577028,"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":[402,7106,88,73,72,85],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577027","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-cira-education","tag-debt","tag-debt-watch","tag-education","tag-enterpriseam","tag-securitization","wpautop","entry"],"acf":{"mongo_id":"5b387f20-658e-4fcc-89e6-602f5c20a966","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/110.jpg","photo_position":"above","related_issue":[577015],"teaser":"","voice_url":""},"yoast_head":"\nWe finally got our first future flow issuance, courtesy of CIRA - 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\/2022\/11\/07\/we-finally-got-our-first-future-flow-issuance-courtesy-of-cira\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"We finally got our first future flow issuance, courtesy of CIRA\" \/>\n<meta property=\"og:description\" content=\"CIRA Education closes Egypt\u2019s maiden EGP 800 mn future flow securitization issuance: EGX-listed education provider CIRA Education has closed its maiden EGP 800 mn future flow issuance as part of a larger EGP 2 bn future flow securitized bond program, the company said in a statement (pdf) yesterday. The full program will take place over […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/07\/we-finally-got-our-first-future-flow-issuance-courtesy-of-cira\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-07T04:00:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/110.jpg?fit=%2C&ssl=1\" \/>\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=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/07\/we-finally-got-our-first-future-flow-issuance-courtesy-of-cira\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/07\/we-finally-got-our-first-future-flow-issuance-courtesy-of-cira\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"We finally got our first future flow issuance, courtesy of CIRA\",\"datePublished\":\"2022-11-07T04:00:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/07\/we-finally-got-our-first-future-flow-issuance-courtesy-of-cira\/\"},\"wordCount\":513,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/07\/we-finally-got-our-first-future-flow-issuance-courtesy-of-cira\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/110.jpg?fit=%2C&ssl=1\",\"keywords\":[\"CIRA Education\",\"debt\",\"debt watch\",\"Education\",\"EnterpriseAM\",\"securitization\"],\"articleSection\":[\"DEBT WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/07\/we-finally-got-our-first-future-flow-issuance-courtesy-of-cira\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/07\/we-finally-got-our-first-future-flow-issuance-courtesy-of-cira\/\",\"name\":\"We finally got our first future flow issuance, courtesy of CIRA - 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The offering is Egypt\u2019s first-ever future flow securitization, CIRA and the regulator\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\/7\/305.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547778,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/06\/cira-moves-one-step-closer-to-future-flow-securities\/","url_meta":{"origin":577027,"position":1},"title":"CIRA moves one step closer to future flow securities","author":"enterpriseam admin","date":"6 July 2022","format":false,"excerpt":"CIRA shareholders greenlight future flow securitization: Shareholders of EGX-listed education provider CIRA have approved the company\u2019s plans for a EGP 2 bn future flow securitization program, moving it a step closer to debuting the asset-backed securities in Egypt, it said in an EGX disclosure (pdf) on Monday. At a general\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\/7\/137.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":577027,"position":2},"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 "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\/2023\/11\/5.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546528,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/19\/cira-could-be-the-first-to-tap-the-future-flow-securitization-market\/","url_meta":{"origin":577027,"position":3},"title":"CIRA could be the first to tap the future flow securitization market","author":"enterpriseam admin","date":"19 May 2022","format":false,"excerpt":"CIRA could issue Egypt\u2019s first future flow securities: EGX-listed private sector education outfit CIRA is in talks with the Financial Regulatory Authority (FRA) to issue EGP 1.5 bn worth of future flow securities, a source with first-hand knowledge of the transaction told Enterprise yesterday. The securities will be backed by\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\/5\/249.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547163,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/our-first-ever-future-flow-issuance-could-be-just-around-the-corner-rayas-aman-eyes-egp-500-650-mn-securitized-issuance\/","url_meta":{"origin":577027,"position":4},"title":"Our first-ever future flow issuance could be just around the corner + Raya\u2019s Aman eyes EGP 500-650 mn securitized issuance","author":"enterpriseam admin","date":"12 June 2022","format":false,"excerpt":"CIRA could issue Egypt\u2019s first future flow securitized bonds next month: The Financial Regulatory Authority (FRA) has approved a program that would see EGX-listed private sector education outfit CIRA issue EGP 2 bn of future flow securitized bonds over three years, CIRA CEO Mohamed El Kalla told Enterprise. The first\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\/6\/226.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555495,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/16\/cira-to-borrow-egp-375-mn-for-capex-spending-egylease-closes-securitized-bond-issuance\/","url_meta":{"origin":577027,"position":5},"title":"CIRA to borrow EGP 375 mn for capex spending + EgyLease closes securitized bond issuance","author":"enterpriseam admin","date":"16 November 2021","format":false,"excerpt":"EGX-listed education outfit CIRA is borrowing EGP 375 mn from Ahli United Bank to finance fresh investments, the company said in a regulatory filing (pdf) yesterday. The company\u2019s board greenlit the decision earlier this week, the disclosure says. No further details or information were provided in the disclosure and a\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/577027","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=577027"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/577027\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/577015"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/577028"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=577027"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=577027"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=577027"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=577027"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=577027"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}