Tasaheel issues social sustainability bonds for the second time this year: MNT-Halan microfinance subsidiary Tasaheel Finance has issued its second EGP 3.8 bn tranche of a wider three-year EGP 13 bn program, the transactions’ financial advisor CI Capital said in a statement (pdf). The issuance came in six tranches rated A- and P1 by Middle East Rating Services (MERIS) with maturities ranging from 6-32 months.

Remember: Tasaheel kicked off the program in January, with a EGP 3.8 bn issuance, which marked the first time that a securitized social sustainability bond issuance had taken place in Egypt and Africa.

SOUND SMART: Social sustainability bonds are bonds whose proceeds are used to finance projects with a positive social income, including poverty alleviation, improving electricity access, and making education more accessible. In this case, the proceeds will be used to finance projects “with a social dimension” that “contribute to sustainable development goals,” the company said during its initial issuance at the start of the year.

Advisors: CI Capital acted as financial advisor, arranger, general coordinator, promoter, and transaction manager. Matouk Bassiouny & Hennawy was legal counsel and Russell Bedford was the auditor.

DATA POINT- Companies have raised EGP 13.8 bn from securitization so far this year, according to data tracked by Enterprise.

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