The end-of-year securitization rush has finally come to a close, with companies ringing out 2023 with another EGP 9.8 bn worth of securitized bond issuances before the New Year — courtesy of Corplease, Aman, GB Corp, Contact Financial Holding, Bedaya Mortgage Finance, Rawasifor Urban Development, and One Finance.

DATA POINT- The issuances bring the total value of securitized bonds issued in Egypt in 2023 to around EGP 96.1 bn — more than double the EGP 45.4 bn securitized bonds issued in 2022, according to data tracked by Enterprise.

CORPLEASE CLOSES EGP 3.2 BN ISSUANCE-

CI Capital’s leasing arm Corplease has raised EGP 3.2 bn via a securitized bond issuance, according to a statement (pdf) by Al Ahly Pharos Investment Banking, which was one of the financial advisors on the transaction. The issuance was backed by an EGP 5 bn portfolio of leasing contracts. It came in four tranches with tenors of 13, 37, 52, and 65 months and ratings of AA+, AA, and A from Middle East Rating Services (MERIS).

Advisors: Al Ahly Pharos Investment Banking acted as financial advisor, lead manager, and book-runner alongside CIB and CI Capital. CIB, NBE, Al Baraka Capital, Banque du Caire, and Suez Canal Bank were underwriters. CIB also acted as custodian, BdC as placement agent, Zaki Hashem & Partners as counsel, and Baker Tilly as auditor.

GB CORP WRAPS EGP 1.6 BN ISSUANCE-

GB Corp subsidiary GB Lease and Factoring has taken EGP 1.6 bn worth of securitized bonds to market, the company said (pdf) on Thursday. The issuance came in three tranches with tenors of 13, 36, and 56 months and ratings of AA+, AA, and A from MERIS.

Advisors:CIB, Al Ahly Pharos, and CI Capital acted as advisors, lead arrangers, and bookrunners. CIB acted as the custodian and placement agent — as well as an underwriter alongside the NBE, Al Ahly Pharos, and the Suez Canal Bank. Dreny & Partners provided counsel and KPMG was the auditor.

CONTACT RAISES EGP 1.4 BN-

Contact Financial Holding has closed an EGP 1.4 bn securitized bond issuance, the non-bank financial services provider said (pdf) last week. The issuance came in three tranches with maturities ranging from 13 to 60 months and ratings of AA+, AA, and A from MERIS.

In the pipeline for 2024: The company is looking to close a EGP 2 bn sukuk issuance during the first quarter of 2024, company CEO Said Zater said.

Advisors: Contact Financial Holding served as issuance manager and promoter. It also acted as underwriter alongside the Arab African International Bank (AAIB), Banque du Caire (BdC), Ahli United Bank, and Al Ahly Pharos — with ABC Bank acting as co-underwriter. AAIB served as custodian and BdC as placement agent, Alieldean Weshahi & Partners as legal advisor, and KPMG as financial auditor.

AMAN WRAPS EGP 1.1 BN ISSUANCE-

Raya Holding’s fintech subsidiary Aman has issued EGP 1.1 bn worth of securitized bonds, according to a statement (pdf) by Al Ahly Pharos Investment Banking. The issuance was backed by an EGP 1.3 bn portfolio of consumer finance contracts issued by Aman Financial Services and Aman for Consumer Finance and the four-tranche issuance carried tenors ranging between 9 to 24 months and received ratings of P1 and A from MERIS.

Advisors: Al Ahly Pharos, Arab African International Bank (AAIB), and CIB acted as financial advisors, lead managers, and book-runners. NBE served as custodian and placement agent, and also acted as an underwriter alongside AAIB. Zaki Hashem & Partners provided counsel and UHY Egypt was the auditor.

RAWASI ISSUES EGP 1 BN IN SECURITIZED BONDS-

Rawasi Urban Development has raised EGP 1 bn via a securitized bond issuance,

according to a statement (pdf) from Al Ahly Pharos Investment Banking. The issuance was backed by an EGP 1.9 bn portfolio of mortgage contracts. The three-tranche issuance carried tenors of 25, 49, and 74 months and received ratings of AA+, AA, and A from MERIS.

Advisors:Al Ahly Pharos, AAIB, and CI Capital were financial advisors, lead managers, and bookrunners. Al Ahly Pharos and AAIB were also transaction underwriters alongside the NBE. AAIB also acted as custodian placement agent, Dreny & Partners provided legal counsel, and RSM Egypt was the auditor.

AND-

  • Bedaya Mortgage Finance issued EGP 843 mn worth of securitized bonds as part of a wider EGP 3-bn program, according to a statement from Clyde & Co, which was the legal advisor on the transaction. CI Capital acted as issuance manager and financial advisor, while Clyde & Co. provided legal counsel through its associate office Barakat, Maher & Partners.
  • State-owned consumer finance outfit One Finance has wrapped its maiden securitized bond issuance worth EGP 616 mn as part of three-year c. EGP 3 bn program, Al Masdar reports, citing sources it says have knowledge of the matter. CIB reportedly acted as financial advisor and general coordinator for the transaction, while AAIB and Al Baraka Capital served as joint underwriters and custodians. Baker Tilly acted as auditor and Dreny & Partners as legal advisor.
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