More reports of companies joining in with the end-of-year securitization rush have emerged, with news that Aman Consumer Finance, Aman Microfinance, and Erada Microfinance also hit the securitization markers.

DATA POINT- These issuances bring the total value of securitized bonds issued in Egypt in 2024 to EGP 44.2 bn, less than half of EGP 96.1 bn recorded in 2023, according to data tracked by EnterpriseAM.

RAYA’S AMAN SECURES EGP 2.5 BN IN SECURITIZED BONDS-

Aman Holding has successfully issued EGP 2.5 bn in two securitized bond issuances in December through two of its subsidiaries, according to a disclosure (pdf) from parent company Raya Holding. The issuances were divided into an issuance worth EGP 1.08 bn backed by a portfolio of receivables originated by Aman Consumer Finance, and a second issuance worth EGP 1.42 bn backed by a portfolio of receivables originating by Aman Microfinance.

Advisors: CI Capital and Al Ahly Pharos acted as the co-lead-arrangers and lead coordinators for the two issuances. Zaki Hashem provided counsel and UHY- Egypt was the independent financial auditor. Middle East Rating Services (MERIS) provided the credit rating for the issued bonds.

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ERADA MICROFINANCE CLOSES EGP 718 MN ISSUANCE-

Erada Microfinance closed an EGP 718 mn securitization issuance, structured into three tranches with maturities ranging from six to 20 months, according to a statement (pdf) from CI Capital who led the issuance. The first two tranches, valued at EGP 371 mn and EGP 255 mn, secured P1 ratings, while the third tranche of EGP 92 mn received an A- rating. The bonds were backed by Erada’s microfinance portfolio and attracted interest from financial institutions and money market funds.

Advisors: CI Capital acted as the financial advisor, issuance manager, and lead arranger for the issuance. Barakat, Maher & Partners in collaboration with Clyde & Co provided legal advisory, while Russel Bedford served as the auditor, according to a separate statement (pdf).

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