Bonds

Basic Information

Issue size

 2nd Tranche: EGP 1 billion, annual floating coupon rate = (Central Bank of Egypt discount rate + 0.70%) payable quarterly.

1st Tranche: EGP 1 billion, annual fixed coupon rate at 10.95% payable quarterly. 

 EGP 2 billion divided into two tranches.

Face value

EGP 100 per bond  

Maturity

5 years

Number of bonds outstanding

20 million bonds

Date of close of public subscription

03-02-2005

Registration status

Bonds registered at the Egyptian Exchange (EGX) and Misr for Central Clearing, Depository Registry (MCDR).

Call Option/Prepayment

The Issuer has the right to partially or fully prepay any amount of the Issue provided that the partial prepayment is at least EGP 100 million (only one hundred million Egyptian pounds) or its multiples and that the prepayment date occurs on any of the Coupon Payment Dates.  The call option / prepayment possibility begins on the date of the coupon number (8) or the beginning of the third year. Prepayment will not entail the payment of any penalties or indemnifications to the bondholders.

 

 

Dividends

Date Fixed Tranche (EGP/bond) Floating Tranche (EGP/bond)
01-Mar-05 0.75 0.7329
01-Jun-05 2.76 2.6969
01-Sep-05 2.76 2.6969
01-Dec-05s 2.7 2.6384
01-Mar-06 2.7 2.6383
01-Jun-06 2.76 2.444
3 September 2006 2.82 2.498
03-Dec-06 2.73 2.418
01-Mar-07 2.64 2.338
03-Jun-07 2.82 2.498
02-Sep-07 2.73 2.418
02-Dec-07 2.73 2.418
2-March-2008 2.178 1.929
01-Jun-08 2.178 1.929
01-Sep-08 1.651 1.463
01-Dec-08 1.634 1.745
01-Mar-09 1.079 1.202
01-Jun-09 1.104 1.129
01-Sep-09 0.552 0.514
01-Dec-09 0.546 0.458

Redemptions Schedule

The Issue has a redemption profile whereby the entire value of the Issue will be redeemed within 5 years from the date following the date of the close of the public subscription. Below is the redemption scheduled:

Redemption Date  Percentage redeemed of Face Value of the bond  Value of redemption per bond in EGP  Outstanding amount per bond in EGP 
01-Dec-07 20% 20 80
01-Jun-08 20% 20 60
01-Dec-08 20% 20 40
01-Jun-09 20% 20 20
01-Dec-09 20% 20 0
   100% 100   

If any date occurs on a day that is not on a business date, the coupon period will extend to the next business day.

The above mentioned scheduled redemption profile does not preclude the Issuer from partially or fully prepaying / calling the Issue starting from the beginning of the third year of the Issue as detailed in article 19 of the “Terms and Conditions”  of the Issue of this Prospectus.


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