Aman closes second securitization transaction of 2023: Raya Holding’s non-banking financial services outfit Aman Financial Services and its consumer finance arm Aman Microfinance issued EGP 859 mn in securitized bonds, according to a statement (pdf) by CI Capital, who acted as an advisor on the issuance.

Aman is 25% through a wider securitization program: The company has now completed around a quarter of its three-year, EGP 5 b n securitization program, which kicked off in February with a EGP 403 mn issuance.

About the issuance: The issuance came in four tranches with tenors of between six and 24 months and ratings of Prime 1, AA+, and A from the Middle East Ratings and Investor Services (MERIS).

Advisors: Our friends at CI Capital acted as financial adviser, issuance manager, and lead arranger, while the National Bank of Egypt (NBE) and First Abu Dhabi Bank (FAB) acted as underwriters. Zaki Hashem & Partners provided counsel and UHY Egypt was the auditor.

DATA POINT- Companies have now issu ed almost EGP 39 bn of se curitized bonds so far this year, more than double the EGP 16.1 bn issued during the same period last year, according to data tracked by Enterprise .

GLOBAL CORP TO RETURN TO THE MARKET-

GlobalCorp is apparently plotting a new issuance: Non-banking financial services firm GlobalCorp is preparing to take another EGP 2.54 bn of securitized bonds to market, Al Borsa reported yesterday, citing sources familiar with the matter. The issuance will reportedly take place in mid-August, and is being managed by Al Ahly Pharos.

FYI- This would be GlobalCorp’s fourth issuance of its EGP 5 bn program and the first since December when it closed a EGP 1.1 bn issuance.

UNITED BANK RENEWS AFREXIMBANK LOANS-

United Bank rolls over almost USD 1 bn in loans from Afreximbank: State-owned United Bank has rolled over two loans from the African Export-Import Bank (Afreximbank), the first worth some USD 380 mn and the second worth some USD 600 mn, a banking official reportedly told Asharq Business. The money will go towards financing projects, the official said, without providing any further details.

REMEMBER- United Bank is up for sale as part of the state’s privatization plans. Last we heard, the Central Bank of Egypt — which owns 99.99% of the bank — had appointed Barclays to join CI Capital as the financial advisors working on the sale.

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