Sarwa Capital closes largest securitized bond issuance in the market to date: Our friends at Sarwa Capital closed yesterday the issuance of EGP 2.03 bn in securitized bonds backed by the portfolios of Contact Auto Credit and its affiliate companies. The three-tranche offering included one-, three- and five-year bonds with ratings of AA+, AA and A, respectively, from Middle East Ratings and Investors Service (Meris), the firm said in a statement on Wednesday (pdf). “We are proud to have completed this milestone issue, which is the largest ever in the market, amid strong demand and following the EGP 1.1 bn issue in December 2017,” said Ayman El Sawy, Managing Director of Sarwa Promoting & Underwriting, which acted as lead manager and financial advisor on the transaction. The issue was fully underwritten and arranged by CIB, Banque Misr, Arab African International Bank, and Ahli United.

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