Cairo – Mubasher: The board of directors of the Egyptian Financial Regulatory Authority (FRA) approved seven issues of securitisation bonds at a combined value of EGP 9.3 billion.
The securitisation bonds, which will be issued by five securitisation companies, are backed by receivables portfolios in financial leasing, consumer finance, mortgage, and factoring activities, according to a statement on Sunday.
The FRA supports the rising trend for bond issuances of all kinds in the Egyptian market, Chairman of the FRA, Mohamed Omran, said.
In addition, the authority also approved two programmes for two securitisation companies for the issuance of securitisation bonds worth EGP 12.5 billion backed by a receivables portfolio in the field of real estate development.
Moreover, the FRA approved the second issuance of the EGP 2 billion short-term bonds to finance the working capital of a securities brokerage company. The issuance is valued at EGP 500 million.
The total value of securitisation bond issuances has reached EGP 15.7 billion by the end of November with expectations to rise to EGP 25 billion by the end of 2020, up by 14% from EGP 22 billion in 2019.
