{"id":609201,"date":"2023-11-01T00:00:00","date_gmt":"2023-11-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/01\/efg-hermes-closes-ciras-second-future-flow-issuance\/"},"modified":"2023-11-01T00:00:00","modified_gmt":"2023-11-01T00:00:00","slug":"efg-hermes-closes-ciras-second-future-flow-issuance","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/01\/efg-hermes-closes-ciras-second-future-flow-issuance\/","title":{"rendered":"EFG Hermes closes CIRA\u2019s second future flow issuance"},"content":{"rendered":"

CIRA Education wraps up second future flow securitization: <\/strong>EGX-listed education provider CIRA Education has closed its second future flow issuance worth EGP 700 mn, financial advisor EFG Hermes said in a press release (pdf)<\/a> this morning. This is the second issuance of a larger EGP 2 bn program, and follows the company\u2019s maiden EGP 800 mn issuance<\/a> in November last year.<\/p>\n

The issuance will support CIRA\u2019s expansion plans:<\/strong>The funds raised from the 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<\/a>.<\/p>\n

SOUND SMART- <\/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. We have a full explainer here<\/a>.<\/p>\n

Advisors:<\/strong> EFG Hermes led the transaction, and was underwriter along with the Arab African International Bank, Al Baraka Bank (also subscriber to the issuance), Suez Bank, and Banque Misr. Zulficar & Partners provided counsel, AAIB was the custodian, and PwC was the auditor. <\/p>\n

DATA POINT- The year in securitization (so far): <\/strong>The issuancebrings the total value of securitized bonds brought to market so far this year to some EGP 57.6 bn, according to data tracked by Enterprise.<\/p>\n","protected":false},"excerpt":{"rendered":"

The issuance is part of a larger EGP 2 bn future flow securitized bond program<\/p>\n","protected":false},"author":1,"featured_media":609202,"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":[1156,430,576,402,88,73,84,72,85,11723,2350],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-609201","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-al-baraka-bank","tag-arab-african-international-bank","tag-banque-misr","tag-cira-education","tag-debt-watch","tag-education","tag-efg-hermes","tag-enterpriseam","tag-securitization","tag-suez-bank","tag-zulficar-partners","wpautop","entry"],"acf":{"mongo_id":"0a7d8e03-80c9-4d12-b1cd-aaa6bc9c4394","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/11\/5.jpg","photo_position":"above","homepage_title":"","full_issue_title":"EFG Hermes closes CIRA\u2019s second future flow issuance","related_issue":[609186],"teaser":"The issuance is part of a larger EGP 2 bn future flow securitized bond program","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.fa6c30c2-a46e-4096-aa36-350384d6b1a4.mp3"},"yoast_head":"\nEFG Hermes closes CIRA\u2019s second future flow issuance - 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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":577027,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/07\/we-finally-got-our-first-future-flow-issuance-courtesy-of-cira\/","url_meta":{"origin":609201,"position":1},"title":"We finally got our first future flow issuance, courtesy of CIRA","author":"enterpriseam admin","date":"7 November 2022","format":false,"excerpt":"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\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\/11\/110.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568409,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/tmg-sarwa-and-cira-makes-three\/","url_meta":{"origin":609201,"position":2},"title":"TMG, Sarwa, and CIRA makes three","author":"enterpriseam admin","date":"29 December 2020","format":false,"excerpt":"The Financial Regulatory Authority (FRA) has signed off on EGX-listed private education outfit CIRA\u2019s EGP 600 mn sukuk issuance, FRA chief Mohamed Omran announced in a statement yesterday (pdf). Proceeds from the offering will fund CIRA\u2019s expansion plans in K-12 and higher education. The sukuks will carry a tenor 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\/internal\/536550.png?resize=350%2C200&ssl=1","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":609201,"position":3},"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":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":609201,"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":590449,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/19\/talaat-moustafa-plans-egp-500-mn-future-flow-securitization\/","url_meta":{"origin":609201,"position":5},"title":"Talaat Moustafa plans EGP 500 mn future flow securitization","author":"enterpriseam admin","date":"19 July 2023","format":false,"excerpt":"This would be the second future flow issuance in Egypt","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\/7\/770.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\/609201","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=609201"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/609201\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/609186"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/609202"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=609201"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=609201"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=609201"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=609201"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=609201"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}