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The local securitization market continued its strong July this week, with Tasaheel and a subsidiary of Talaat Moustafa Group both closing issuances worth a combined EGP 3.75 bn.
#1- MNT-Halan’s microfinance subsidiary Tasaheel has closed a EGP 3.34 bn securitized bond issuance, the company said (pdf) yesterday. The issuance was 1.8x oversubscribed and will provide Tasaheel with “the liquidity for the company’s planned growth and to reach new segments in the local market,” the statement said. Three tranches of the four-tranche issuance were rated P1 and one was rated A+ .
More to come this year: The issuance is the third in a three year, EGP 13 bn program that Tasaheel kicked off in June 2022 with an EGP 2.6 bn issuance, followed by another EGP 2.7 bn issuance in January . The remaining EGP 4.3 bn is expected to be issued during 2023, the company said.
Who bought in? Arab African International Bank, Bank ABC, Banque Misr, Midbank, Al Ahli Bank of Kuwait, SAIB Bank, CI Capital, and Arab African Investment Management.
Advisors: CIB acted as the financial advisor, arranger, and custodian of the transaction. Matouk Bassiouny & Hennawy served as legal advisors and KPMG was the auditor.
#2- TMG unit closes future flow issuance:Talaat Moustafa Group (TMG) subsidiary the Arab Company for Projects and Urban Development sold EGP 411 mn of bonds backed by securitized future cashflows, the transaction’s legal advisor Dreny & Partners said in a statement (pdf) on Sunday.
A first and a second:This is the first issuance in Egypt to be backed by a portfolio of club membership fees, and the second to securitize future flows after CIRA debuted the securities last year.
Advisors: EFG Hermes acted as the sole financial advisor, and underwrote the transaction along with the Arab African International Bank (AAIB). AAIB also acted as custodian and the subscription bank, while RSM Egypt (Magdy Hashish) was the auditor. Dreny & Partners provided counsel.
DATA POINT- Companies have now issued more than EGP 45.3 bn of securitized bonds so far this year, according to data tracked by Enterprise. This is only EGP 80 mn shy of volu mes across the whole of 2022.
ALSO IN DEBT- Banque Misr will provide a EGP 500 mn medium-term loan to the National Bank of Egypt’s microfinance arm Al Ahly Tamkeen for Microfinance, the state-owned lender said in a statement (pdf) yesterday. The money will be used to expand the firm’s loan portfolio, the banks said.
