The National Bank of Egypt, in cooperation with the Commercial International Bank, announced the success of the seventh issuance of the bonds of Al-Tameer Securitization Company, worth LE 20 billion, backed by a financial rights portfolio owned by the New Urban Communities Authority (NUCA), to complete infrastructure in the fourth generation cities.
The NUCA will benefit from the issuance of these bonds to support the development of new urban areas and fourth-generation cities such as the New Administrative Capital and New al-Alamein City.
This is the largest issuance in the Egyptian market since its inception.
These bonds were offered in five tranches at a value of one billion pounds for the first tranche, LE 2.9 billion for the second tranche, LE 3.8 billion for the third tranche, LE 6.6 billion for the fourth tranche and LE 5.7 billion for the fifth tranche.
The tenures of these segments are up to one year, three years, five years, seven years and nine years, respectively. It was well received by investors as it was successfully covered two and a half times.
The Commercial International Bank (CIB) assumed the role of custodian and subscription recipient in cooperation with the National Bank of Egypt (NBE).
Many banks such as Abu Dhabi Commercial Bank, QNB ALAHLI, Housing and Development Bank, Al Ahli Bank of Kuwait, Arab Investment Bank, Bank ABC, Attijariwafa Bank Egypt, Faisal Islamic Bank, and Bankmed participated in the subscription.
Al Derini & Partners Legal Consultants acted as the legal advisor for the offering, and the office of Hazem Hassan Chartered Accountants and Consultants acted as the issue’s auditor.
