Dreny & Partners on NUCA’s EGP 15 Bil Securitization Transaction 

Dreny & Partners has advised on the successful closure of New Urban Communities Authority’s (NUCA) first securitization transaction from a multi-issuance program with a total value of EGP 30 billion. 

The issuance was backed by a receivables portfolio originated by NUCA and was comprised of four tranches: Tranche A amounting to EGP 1,710,000,00 rated Prime 1, Tranche B amounting to EGP 6,060,000,000 rated AA, Tranche C amounting to EGP 5,820,000,000 rated AA-, and Tranche D amounting to 1,410,000,000 rated A- from the Middle East Ratings and Investors Service (MERIS). 

Dreny & Partners worked along with the Commercial International Bank (CIB), CI Capital and Al Ahly Pharos, who acted as the financial advisors of the transaction. CIB, Banque Misr, National Bank of Egypt (NBE) and Banque du Caire, acted as underwriters. In addition, CIB acted as the Custodian and bookrunner. Bakertilly acted as the auditor of the transaction. 

It is worth mentioning that this transaction is considered one of the most significant transactions that took place this year and was guaranteed by the Egyptian Ministry of Finance (MOF). It marked a landmark debt capital market deal in Egypt. 

This transaction was led by Imane Raouf, partner, head of capital markets and financial services department and included team members: managing associates Sherine El Menyawy and Metwally Sweify from capital markets team and managing associate Nagy Ebeid and junior associate Ahmed Ayman from the Procedures team.