Is the end-of-year securitization rush upon us? Fintech player Valu and consumer finance outfit One Finance both closed securitization issuances valued at a combined EGP 1.2 bn.

DATA POINT- These issuances bring the total value of securitized bonds issued in Egypt this year to EGP 34.1 bn — 60.5% less than the amount raised in the same period last year — according to data tracked by EnterpriseAM.

Remember: December last year saw EGP 18.6 bn worth of securitized bonds issued in only one month, accounting for 19.3% of the EGP 96.0 bn worth of securitized bonds issued throughout the whole of the year.

VALU CLOSES 13TH SECURITIZED BOND ISSUANCE-

Valu closes EGP 519.2 mn securitized bond issuance: Homegrown fintech leader Valu has closed its thirteenth securitization bond issuance valued at EGP 519.2 mn, according to statements from Valu and legal advisor Dreny & Partners. The issuance is the third in a three-year EGP 16 bn program that kicked off back in August.

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The details: Backed by a receivables portfolio, the issuance came in two tranches with tenors of six and 12 months with ratings of Prime 1 and Prime 2 from the Middle East Ratings and Investors Service (MERIS).

Who bought in? Arab Banking Corporation and Attijariwafa Bank were among the issuance’s subscribers.

Remember: Valu closed its last securitized bond issuance in November, raising EGP 667.3 mn through a transaction managed by EFG Hermes. The fintech player has raised over EGP 10.8 bn across all securitization issuances to date.

Advisors: EFG Hermes was the sole financial advisor, transaction manager, bookrunner, underwriter, and arranger. Arab African International Bank was custodian and bookrunner. Dreny & Partners offered legal counsel on the issuance, while Baker Tilly was the auditor.

ONE FINANCE CLOSES EGP 679 MN ISSUANCE-

State-owned consumer finance player One Finance has closed an EGP 679 mn securitized bond issuance, its second for its consumer finance portfolio, according to a statement (pdf) from legal advisor Dreny & Partners.

The issuance came in three tranches with ratings of Prime 1, AA, and A from MERIS and is part of a wider EGP 3 bn program.

ICYMI- One Finance completed its maiden securitized bond issuance worth EGP 616 mn in December.

Advisors: CIB acted as lead arranger, underwriter, custodian, financial advisor, and bookrunner. Bakery Tilly served as auditor and Dreny & Partners was legal counsel.

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