Sarwa closes EGP 1.8 bn securitized bond issuance

DEBT WATCH- Sarwa closes EGP 1.8 bn securitized bond issuance: Structured- and consumer finance player Sarwa Capital closed the issuance of EGP 1.8 bn-worth of securitized bonds backed by the portfolios of Contact Auto Credit and its affiliates, according to a company statement (pdf). The issuance consists of three tranches with 13-month, three-year, and five- year tenors. All three tranches carry an investment-grade rating from the Middle East Ratings and Investors Service. CIB, Banque Misr, AAIB, Ahli United Bank, Misr Capital Investments, and Egyptian Gulf Bank underwrote the issuance. Our friends at Arab Legal Consultants were legal counsel on the transaction.