The European Bank for Reconstruction and Development (EBRD) will invest 1.5 billion Egyptian pound in the New Urban Communities Authority’s (NUCA) latest 10 billion pounds securitized bond issuance/
This brings the lender’s total investments in NUCA’s bond programme to 3 billion pounds, having invested 1.5 billion pounds in two offerings last year.
The three-tranche issuance is comprised of a 2.6 billion pounds, three-year offering; a 6.2 bn billion pounds, five-year offering; and a 1.2 billion pounds, seven-year offering.
The bonds are backed by 10 billion pounds of receivables from private sector real estate developers. CIB, the National Bank of Egypt, AAIB and the Housing and Development Bank will manage the issuance, with NBE acting as the lead arranger. Dreny & Partners is providing legal counsel on the issuance.
