Aggregated News From Investment Management Regulators

Calling upon holders of securitization bonds group to extend the issuance period up to a maximum of six months – Tuesday 31/3/2020

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In line with the Egyptian state’s initiatives to contain the economic repercussions, and the precautionary measures taken by the Egyptian state to confront and contain the effects of Coronavirus, Dr. Mohammed Omran – FRA’s Chairman met with representatives of securitization companies to discuss ways to deal with the financial impact of postponing the credit obligations of securitization bonds. He added that some sectors subjected to FRA’s supervision e.g. real estate finance, financial leasing and factoring postpone all credit obligations of its clients (institutions / individuals) for a period of six months, while exempting them from delaying fines.

The meeting ended with an agreement to move forward towards calling upon holders of securitization bonds group to extend the issuance period up to a maximum of six months,  taking into account the precautions of the current conditions.
The year 2019 witnessed the highest value of securitization bonds issuance  in the history of the Egyptian capital market. In 2019, the number of securitization issuances reached 18 issuances distributed over 54 segments with a value exceeding 22 billion pounds that companies used as a funding source through the Egyptian capital market and Stock Exchange.

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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