Al Ahly Leasing and Factoring has raised EGP 1.1 bn via a securitized bond issuance that closed yesterday, the transaction’s financial advisor Al Ahly Pharos Investment Banking said in a statement (pdf). The issuance was backed by a EGP 1.7 bn portfolio of leasing contracts securitized by Al Ahly Securitization Company. The bond included three tranches, rated AA+, AA, and A, respectively, by the Middle East Rating Services (MERIS).

Remember: Al Ahly Leasing and Factoring closed its maiden securitized bond in March 2022, raising EGP 747.5 mn.

Advisors: Al Ahly Pharos Investment Banking also acted as an underwriter alongside the National Bank of Egypt (NBE), Arab African International Bank (AAIB), Banque du Caire, and Suez Canal Bank. Meanwhile, AAIB acted as the custodian, BdC as the placement agent, and Baker Tilly Egypt as the auditor. Dreny & Partners acted as counsel.

DATA POINT- Egyptian companies have issued more than EGP 62.5 bn of securitized bonds so far this year, according to data tracked by Enterprise.

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