Enmaa Finance closes its first securitized bond issuance: Leasing and factoring company Enmaa Finance has closed its first securitized bond issuance worth EGP 759 mn, financial advisor Al Ahly Pharos said in a statement (pdf). The three-tranche issuance has tenors ranging from 13-56 months and ratings of AA+ through A from the Middle East Rating and Investors Service (MERIS). It is backed by an EGP 1.16 bn receivables portfolio.

Who bought in? The National Bank of Egypt (NBE), Faisal Islamic Bank, Banque du Caire (BdC), Arab African International Bank (AAIB), ABC Bank and Attijariwafa Bank Egypt together covered subscription to the issuance, the statement reads. NBE, BdC, AAIB, and Al Ahly Pharos were underwriters on the transaction.

Advisors: Al Ahly Pharos acted as the sole financial advisor, sole transaction manager, bookrunner, and arranger of the issuance. Banque du Caire was also an arranger. AAIB acted as custodian and BdC as the placement agent. Dreny & Partners acted as the legal advisor, and Baker Tilly as the auditor of the transaction.

A good year for securitization: This issuance pushed the total value of securitized bond issuances this year to nearly EGP 16.3 bn, up more than 40% from the same period last year. 

Correction: 13 June 2023 

A previous version of this article incorrectly stated that Enmaa Finance closed a USD 759 mn issuance.

Tags: