As anticipated, Egypt made its first foray into the securitization market last week with a private placement managed by WestLandesbank.

Because of the nature of the deal, little information was disclosed, though sources indicated that the mt100 was fashioned similarly to the credit card merchant voucher deals that have come out of neighbouring Turkey in past years. Bank Misr is the originator behind Egypt's first deal, in line with expectations that banks and finance companies would initiate the market.

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