Tamweel sells securitized bonds worth EGP 1.7 bn

Tamweel Mortgage Finance closed a EGP 1.7 bn securitized bonds issuance arranged by CIB and Al Ahli Pharos, according to a company statement published yesterday. The issuance, which marks the third tranche of Tamweel’s EGP 4 bn securitized bond program, was backed by a portfolio of EGP 3.1 bn worth of receivables.

In detail: The bonds, which came in five tranches with tenors ranging from 25-108 months, received ratings ranging from AA+ to A- from the Middle East Ratings and Investors Service (MERIS).

Buyers: CIB, National Bank of Egypt (NBE), Banque du Caire (BdC), Suez Canal Bank, Abu Dhabi Commercial Bank, EBank, and Bank ABC all subscribed to the issuance.

ADVISORS- CIB and Al Ahli Pharos acted as the transaction’s lead arrangers and promoters, while BdC was placement agent. Dreny & Partners was counsel, Baker Tilly was the issuance auditor, and CIB served as custodian.

DATA POINT- Companies have raised nearly EGP 83.1 bn from securitization so far this year, up almost 83% from 2022, according to data tracked by Enterprise.