CI Capital has completed a securitised bond issuance of EGP 1.77 billion for Al Taamir Securitization Company, backed by receivables from Al Oula.
The issuance is the first under Al Oula’s securitisation programme and is divided into three tranches with ratings from Middle East Ratings and Investor Services. The tranches total EGP 637 million due in 25 months at AA+, EGP 422 million due in 37 months at AA-, and EGP 712.85 million due in 55 months at A-.
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The Mexican subsidiary of Cox ABG Group completed a 2 billion dollar bond issuance in the United States, two weeks after acquiring Iberdrola's assets in Mexico.
Al Ahly Pharos Investment Banking has completed the third issuance under the eighth securitisation programme for Valu, raising EGP 744m.
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Egypt has issued $1 billion in social and development bonds, marking the first sovereign issuance of its kind in the Middle East and North Africa since the Iran conflict escalation. The eight-year bonds carry a 6.7% yield and drew subscriptions more than five times the targeted amount.
Prime Minister Mostafa Madbouly announced the new state budget targeting a reduction in the debt-to-GDP ratio to around 78% by June 2027, as the economy posted 5% growth in the third quarter.
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The Industrial Development Authority and the Federation of Egyptian Industries held a meeting on May 9 to review the progress of several state-backed financing programs for the industrial sector.