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For the Second Consecutive Year - Banque Misr Receives Award for Operation of the Year in Africa 2020 and the First Bank to Guarantee Coverage for the First Sukuk Offering in Egypt
Banque Misr recently won the “Operation in Africa” award for securitization operations 2020, for the second consecutive year from The Banker “Financial Times” international magazine, which is obtained according to a number of technical criteria through which the results of the nominated banks are analyzed for each category individually. This award is considered a certificate of confidence for the best performance and business model, whereby The Banker selects the best institutions according to the assessment of a select panel of experts in various fields.
Banque Misr succeeded in obtaining the award for the second consecutive time from the same institution, following its participation in arranging, promoting and guaranteeing coverage of the third offering of the New Urban Communities Authority. The offering was valued EGP 4 billion, with a total future financial rights portfolio of some EGP 9.6 billion. Worth noting is that the promotion was carried out jointly between Banque Misr, who played the role of arranging party, promoter and guarantor; and Sarwa Capital (SRWA.CA).
Banque Misr’s acquisition of this award is a continuation and enhancement of its successes in this field, whereby the Bank had previously succeeded in obtaining the Operation in Africa award for the year 2019, by participating in arranging, promoting and guaranteeing coverage of the 27th offering of Sarwa Capital (SRWA.CA); the largest issuer of corporate bonds overall and of securitization bonds in the Egyptian market. The size of the offering amounted to EGP 2.03 billion, guaranteed by a total future financial rights portfolio for auto financing valued at approximately EGP 2.8 billion.
In 2014, Banque Misr was the first bank to adopt the process of reissuing securitization bonds of Sarwa Securitization for the purpose of short-term financing as a bridge loan to finance the re-issuance of securitization bonds until the issuance of new Asset Backed Refunding Bonds, whereby the Bank guaranteed coverage of the total offering – amounting to EGP 600 million.
Owing to its continued pioneering role, the Bank has – in its capacity as the guarantor of the largest coverage share, payment agent and issuing bank for the first offering of sukuk in the Egyptian capital market at a total value of EGP 2 billion – completed one offering for the Arab Company for Projects and Urban Development - Talaat Moustafa Group in April 2020, with the issuance of Sharia-compliant lease sukuk, while also being negotiable, expedited, and non-convertible to shares. A total of 100% of the sukuk has been offered for private subscription to financial institutions and to individuals and persons with experience and financial solvency, with variable return to be calculated according to a net average rate of a return on treasury bills for six months, according to the last auction announced before the start of each return period, plus a margin of 1.25%. The return of treasury bills will also be reviewed every six months and will be disbursed as of the 30th of September 2020. The nominal value of each instrument shall be EGP 100, to be consumed according to a specific schedule for consumption, concluding at the close of 2024.
This is a continuation of Banque Misr’s pioneering role in supporting the Egyptian economy and its keenness to endorse debt instrument markets as an important pillar of investment financing, while furthering the Bank’s strategy to become a destination meeting all investor requirements. It is also a measure of success and of the efforts exerted by Banque Misr in managing, arranging and promoting bond issuance for companies and organizations.
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