{"id":590193,"date":"2023-07-16T00:00:00","date_gmt":"2023-07-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/16\/nuca-closes-largest-securitization-of-the-year\/"},"modified":"2023-07-16T00:00:00","modified_gmt":"2023-07-16T00:00:00","slug":"nuca-closes-largest-securitization-of-the-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/16\/nuca-closes-largest-securitization-of-the-year\/","title":{"rendered":"NUCA closes largest securitization of the year"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">NUCA just closed Egypt\u2019s largest securitization so far this year: <\/span><span style=\"\">The New <\/span><span>Urban Communities Authority (NUCA) has closed a EGP 15 bn securitized bond issuance, the <\/span><span>first in an EGP 30 bn program, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/7\/556.pdf\" style=\"\">a statement (pdf)<\/a><\/span><span> from <\/span><span>Dreny & Partners<\/span><span style=\"font-weight:400;\">, which acted as the authority\u2019s legal advisor.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">About the issuance: <\/span><span style=\"\">The four-tranche issuance, backed by a receivables portfolio originated <\/span><span style=\"font-weight:400;\">by NUCA, is comprised of an EGP 1.71 bn tranche, an EGP 6.06 bn tranche, an EGP 5.82 bn tranche, and an EGP 1.41 bn tranche. The tranches received a rating of Prime 1, AA, AA-, and A-, respectively, from the Middle East Ratings and Investors Service (MERIS). The statement didn\u2019t disclose how the authority will use the proceeds.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The biggest of 2023 by a wide margin:<\/span><span style=\"\"> The crown for the largest issuance of the year was <\/span><span>previously held by MNT-Halan, which closed a USD 140 mn (<\/span><span>EGP 3 bn<\/span><span style=\"font-weight:400;\">) sale in February.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">NUCA is the biggest player in the local securitization market:<\/span><span style=\"\"> NUCA has twice set the <\/span><span>record for the market\u2019s biggest securitization, closing a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1e4b248f-60d6-4930-9a92-c2a6aeddb6dd\" style=\"\">EGP 20 bn transaction<\/a><\/span><span> in 2022 and a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/08f62d78-a688-47cb-9ad1-4ab4ad1bcb06\" style=\"\">EGP 10 bn sale<\/a><\/span><span> in 2020. <\/span><span>Since 2019, it has secu<\/span><span>ritized EGP 55 bn <\/span><span style=\"font-weight:400;\">of its portfolio.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">DATA POINT- <\/span><span style=\"\">Companies have now issued some<\/span><span style=\"\">EGP 37.5 bn <\/span><span style=\"\">of securitized bonds <\/span><span>so far this year, more than <\/span><span>double <\/span><span style=\"font-weight:400;\">the EGP 16.56 bn issued during the same period last year.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Advisors: <\/span><span style=\"\">CI Capital, Al Ahly Pharos and CIB acted as financial advisors, while Banque <\/span><span style=\"font-weight:400;\">Misr, National Bank of Egypt, Banque du Caire, and CIB were underwriters. CIB was also custodian and bookrunner, and Baker Tilly was the sole auditor. Dreny & Partners provided counsel.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">^^ What does all this mean?<\/span><span style=\"\"> We broke down the different roles in securitization in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ef25e0e8-4a9f-400a-a6e7-82cefcf20b13\" style=\"\">a recent<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ef25e0e8-4a9f-400a-a6e7-82cefcf20b13\" style=\"\">explainer<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The issuance is part of a EGP 30 bn program<\/p>\n","protected":false},"author":1,"featured_media":590194,"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":[88,72,879,85],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-590193","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-enterpriseam","tag-new-urban-communities-authority","tag-securitization","wpautop","entry"],"acf":{"mongo_id":"4fddb4ae-27db-4608-b1bf-49d937457a59","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/557.jpg","photo_position":"above","homepage_title":"","full_issue_title":"NUCA closes EGP 15 bn securitization issuance, the largest in Egypt so far this year","related_issue":[590184],"teaser":"The issuance is part of a EGP 30 bn program","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/7\/.e016371f-f8a0-4095-b3ca-cd62b9646ef0.mp3"},"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>NUCA closes largest securitization of the year - 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\/2023\/07\/16\/nuca-closes-largest-securitization-of-the-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NUCA closes largest securitization of the year\" \/>\n<meta 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securitization market","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\/1614.JPG?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":617830,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/28\/nuca-eyes-egp-260-bn-sukuk-issuance-in-2024\/","url_meta":{"origin":590193,"position":1},"title":"NUCA eyes EGP 260 bn sukuk issuance in 2024","author":"enterpriseam admin","date":"28 March 2024","format":false,"excerpt":"NUCA\u2019s issuance would be the first of its kind from a government entity","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\/2024\/3\/2541.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":602186,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/20\/egypts-nuca-names-managers-of-planned-egp-10-bn-bond-securitization\/","url_meta":{"origin":590193,"position":2},"title":"Egypt\u2019s NUCA names managers of planned EGP 10 bn bond securitization","author":"enterpriseam admin","date":"20 March 2019","format":false,"excerpt":"The New Urban Communities Authority has selected EFG Hermes, CIB, National Bank of Egypt, and Arab African International Bank to manage the first tranche of a EGP 10 bn bond securitization of receivables that will be worth about EGP 6 bn, sources tell Al Mal. Sarwa Capital and Banque Misr\u2026","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":549812,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/record-egp-20-bn-issuance-tops-wave-of-securitizations-bringing-ytd-total-to-2x-last-year\/","url_meta":{"origin":590193,"position":3},"title":"Record EGP 20 bn issuance tops wave of securitizations, bringing YTD total to >2x last year","author":"enterpriseam admin","date":"2 October 2022","format":false,"excerpt":"Last week was a big one for the securitized bondmarket. A blockbuster EGP 20 bn issuance by the New Urban Communities Authority\u2019s (NUCA) Al Taamir headed up a string of securitizations last week, as an already hot market gets hotter. Last week\u2019s issuances more than double the total value of\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\/10\/97.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":609280,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/02\/tasaheel-closes-egp-3-bn-securitized-bond-issuance-plus-nuca-has-another-issuance-in-the-wings\/","url_meta":{"origin":590193,"position":4},"title":"Tasaheel closes EGP 3 bn securitized bond issuance. PLUS: NUCA has another issuance in the wings.","author":"enterpriseam admin","date":"2 November 2023","format":false,"excerpt":"There\u2019s plenty more news from the nation\u2019s red-hot securitization market, which has now seen the value of bonds taken to the market rise more than a third compared to the same time last year. UP FIRST- CI Capital has closed an EGP 3 bn securitized bond issuance for MNT-Halan\u2019s microfinance\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\/2023\/11\/80.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576029,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/08\/egx-lists-fourth-tranche-of-al-taamirs-egp-10-bn-securitized-bond-issuance\/","url_meta":{"origin":590193,"position":5},"title":"EGX lists fourth tranche of Al Taamir\u2019s EGP 10 bn securitized bond issuance","author":"enterpriseam admin","date":"8 November 2020","format":false,"excerpt":"DEBT WATCH- The fourth tranche of Al Taamir\u2019s EGP 10 bn securitized bond issuance has been listed on the EGX, according to an EGX disclosure (pdf). Al Taamir is a special purpose vehicle set up by the New Urban Communities Authority (NUCA), and proceeds from the issuance will be put\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/590193","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=590193"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/590193\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/590184"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/590194"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=590193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=590193"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=590193"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=590193"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=590193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}