Sarwa Capital, Banque Misr close an EGP4bln Securitization Bond for NUCA

Sarwa Capital Holding for Financial Investments SAE (SRWA.CA), and Banque Misr announced concluded securitization bond issuance for Egypt’s New Urban Communities Authority (NUCA).

The issue size is 4 billion Egyptian pounds and received a rating ofAA-by Middle East Ratings and Investors Service (MERIS)

The  success  of  this  landmark  transaction  comes  on  the  back  of extensive  engagements  and consultations  by the strategic  alliance  between  Sarwa  and  Banque  Misr with  a  number  of international and local banks and institutions including the European Bank for Reconstruction and Development (EBRD), which is also a major participant in this bond issuance.

Sarwa was responsible for Promotion&  Underwriting, and  Banque Misr acted  as lead managers,  arrangers, and  co-underwriters on the transaction. The Arab Legal Consultants (ALC)acted as Legal Advisor for the transaction.

It is worth mentioning that Sarwa is the leading private issuer of bonds in the market, the first and largest issuer of securitization bonds and the first to issue bonds backed by real estate receivables. Together, Sarwa and Banque Misr have issued more than 35 bond issuances totaling over 22 billion Egyptian pounds in light of the fruitful cooperation between the two entities over the years.