Eman Raouf — Partner in Dreny & Partners law firm — said that the office is managing six securitisation issuances with a total value of nearly EGP 6bn that are expected to be completed before the end of this year after obtaining censure approvals from the Financial Regulatory Authority (FRA).
Raouf added that the issuances will be made in the consumer finance, real estate, and financial leasing sectors, noting that the volume of financial and real estate leasing ranges from EGP 800m to EGP 1.2bn for each issuance, while the volume of the issuance for consumer finance is estimated to be about EGP 300m.
Furthermore, he said that so far, the FRA has approved three issuances of securitisation bonds with a total value of EGP 23bn distributed among three companies, of which only one issuance amounted to about EGP 20bn, which is the largest issuance of securitisation bonds since securitisation operations began in the country. The issuance in question was that of Taamir Securitisation.
Raouf explained to Daily News Egypt that the issuance came with a guarantee of a transferred financial portfolio of EGP 20bn and contributed to covering the issuance of about 10 banks, namely the CIB, NBE, HDB, Abu Dhabi Commercial Bank, QNB Al-Ahly, Saib, Al-Ahli Bank of Kuwaiti, Attijari Wafa Bank, MID Bank, and Faisal Islamic Bank.
The authority also approved the second version of a programme for Tamweel in exchange for a real estate financing portfolio transferred from a real estate financing company, with a value of EGP 1.598bn, and a second version of a programme for Global Corp in exchange for a financial leasing portfolio transferred from Global Corp for Financial Services with a value of EGP 1.284bn.
He added that the CIB and NBE covered the issuance of the real estate financing with a value of EGP 1.6bn.
