Our friends at Sarwa Capital announced yesterday they had completed a EGP 1.75 bn securitized bond issuance “backed by the portfolios of Contact Auto Credit and its affiliate companies,” according to a company press release (pdf). Sarwa Promoting & Underwriting was the transaction’s lead manager and financial advisor, while Arab African International Bank acted as underwriter, with Attijariwafa and Ahly United Bank as co-underwriters. Arab Legal Consultants were legal counsel. “We are excited to announce the closure of another milestone transaction immediately following the recent EGP 2 bn issue during the second quarter,” said Sarwa Promoting & Underwriting CEO Ayman El Sawy. “As before the bonds have attracted the highest ratings on the back of our unique structuring know-how and the sustained credit quality of Contact’s portfolios.” We had reported last month Sarwa plans to offer for sale up to 40% of the company’s shares on the EGX in September.

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