Dreny and Partners is proud to have acted as the legal advisor to NUCA's securitization transaction amounting to EGP 10 Billion, which has been awarded as the Deal of the Year 2021 by the FT’s The Banker Award for 2021 under the Securitisation category. Please see the link below:
This issuance completed NUCA’s EGP 20 billion programme which was supported at each issuance by EBRD, as the sole international financial institution participant. The awards story acknowledges the EBRD's strong support of this largest bond programme in Egypt's debt capital market history, and the deepening of the local debt capital markets more generally.
The New Urban Communities Authority (“NUCA”) is an economic authority responsible for developing Egyptian real estate resources in urban communities. This securitization transaction, executed in July 2020, amounting to EGP 10 Billion via its special purpose vehicle, El Taamir, with multiple tranches and maturities ranging from three to seven years.
Following the 2011 revolution in Egypt, securitised lending activity had ceased within the public sector. NUCA’s bond programme marks a significant step in the revival of this market and is an important alternative to bank finance. It is also the largest issuance ever seen in Egypt’s debt capital markets.
The European Bank for Reconstruction and Development is a strong supporter of the programme and the deepening of the local debt capital markets more generally, and invested E£1.5bn, as the sole international financial institution participant.
It is hoped that this issuance will demonstrate the viability of this method of financing and encourage other local borrowers to pursue similar transactions.