Tasaheel concludes third sustainability bond issuance: MNT-Halan microfinance subsidiary Tasaheel Finance has issued EGP 3.92 bn worth of securitized sustainability bonds, its third issuance in a three-year EGP 13 bn program and Egypt’s largest non-sovereign securitization bond issuance to date, the transactions’ financial advisor CI Capital said in a statement (pdf). The issuance came in six tranches with maturities ranging from 6-31 months, rated A- and P1 by the Middle East Rating Services (MERIS).

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Remember: Tasaheel kicked off its securitization program in January with an EGP 3.8 bn issuance, which marked the first time securitized social sustainability bonds had been issued 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 first issuance at the start of the year.

Who bought in? “Nearly 60% of this issuance was covered by asset managers beyond the banking sector, which reflects CI Capital’s commitment to diversifying its investor base,” CI Capital’s head of debt capital markets Mohamed Abbas said.

Advisors: CI Capital acted as financial advisor, issuance manager, bookrunner, and lead arranger. Matouk Bassiouny & Hennawy was legal counsel and Russell Bedford was auditor.

DATA POINT- This issuance brings the total value of securitized bonds issued in Egypt this year to EGP 26.4 bn, according to data tracked by EnterpriseAM Egypt.

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