Cairo – Mubasher: Cairo for Investment and Real Estate Development (CIRA) has successfully closed the first issue of Egypt’s first future flow securitisation multi-issuance programme
The programme's first issue stood at EGP 800 million, according to a bourse statement on Sunday.
The issuance is comprised of three tranches. The first tranche is valued at EGP 96 million, with a tenor of three years, whilst the second and third tranches amount to EGP 304 million and EGP 400 million, respectively, with tenors of five and seven years, respectively.
In July 2022, Egypt’s Financial Regulatory Authority (FRA) allowed the Financial Group for Securitization to issue the first future flow securitisation multi-issuance programme at a value of EGP 2 billion.
The three-year programme is concluded in favour of CIRA. The programme’s first issuance shall not exceed EGP 800 million for a period of seven years.
It is worth noting that during the period from September 2021 to May 2022, CIRA logged net profits of EGP 441.06 million, compared to EGP 458.20 million in the year-ago period.
