Souhoola has made its securitization debut: Banque Misr’s consumer finance firm Souhoola raised EGP 478 mn in its first securitized bond issuance, according to a statement (pdf). The issuance came in three tranches with tenors ranging from 6 and 20 months, rated Prime 1 and A- by MERIS.

Part of a EGP 3.5 bn three-year program: The issuance is the first in a three-year, EGP 3.5 bn securitization program, which is among the firm’s efforts to expand its financing base, continue offering financial solutions, strengthening its market position, and supporting future expansion plans, Souhoola said in a separate statement (pdf).

Advisors: CI Capital acted as the financial advisor, issuance manager, bookrunner and lead arranger of the issuance. Russell Bedford was auditor and Alieldean Weshahi & Partners acted as legal advisor.

What they said: “This step directly contributes to expanding the company’s market share in line with Souhoola ‘s expansion strategy for the coming period. This achievement is part of the company’s commitment to its active role in enhancing financial inclusion, according to Egypt Vision 2030,” Managing Director Ahmed El Shanawany said.

DATA POINT: The transaction brings the total value of securitized bonds issued in Egypt so far this year to EGP 29.7 bn — 51.7% less than the amount raised in the same period last year — according to data tracked by EnterpriseAM.

Editor’s note: The story was amended on 26 November 2024 to note that Suhoola is owned by Banque Misr and not a subsidiary of CI Capital.

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