EFG Hermes Concludes Cairo for Investment and Real Estate Development’s EGP 600 Million Sukuk Issuance

EFG Hermes has announced its successful conclusion of an EGP 600 million Sukuk issuance for Cairo for Investment and Real Estate Development (CIRA) on the 30th of December 2020, according to media reports.

The Sukuk, which is based on an Ijarah structure, is the inaugural Sukuk issuance in the Egyptian education sector and generated substantial interest having been oversubscribed 2.3 times, with the subscription period opening and closing on the same day.

The Sukuk was offered to eligible financial institutions and investors at a nominal value of EGP 100 apiece and carries a maturity of seven years. The Sukuk will be tradeable on the Egyptian Exchange (EGX), and not convertible to shares. Both CIRA and the Sukuk have received an A rating with a Stable Outlook by the Midd...