Al-Ahly Pharos closes advisory on NUCA’s 2nd securitization issuance
Updated 11/28/2023 11:35:00 AM
Arab Finance: Al-Ahly Pharos Investment Banking has successfully concluded, in collaboration with the Commercial International Bank (CIB) and CI Capital, the New Urban Communities Authority’s (NUCA) second securitization issuance worth EGP 15 billion, as per an emailed press release.
This marks the second issuance of a program valued at EGP 30 billion.
Al Ahly Pharos, CIB and CI Capital served as the financial advisors, transaction managers, book-runners, and arrangers of the issuance, while the National Bank of Egypt (NBE), Banque Misr, CIB, Suez Canal Bank, QNB, and Banque Du Caire were the transaction’s underwriters.
Banque Misr served as the custodian, the CIB acted as the placement agent, Dreny & Partners was the legal advisor, and Baker Tilly was the auditor.
The credit rating for the issue was provided by Middle East for Credit Rating and Investors Service (MERIS).
The offering consists of four tranches; the first of which is worth EGP 1.26 billion, the second is valued at EGP 3.93 billion, the third is worth 4.82 billion, and the fourth is worth EGP 4.987 billion, receiving ratings of Prime 1, AA, AA-, and A-, respectively.
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