Consumer finance player Jameel Finance closed a EGP 500 mn securitized bond issuance, according to a statement(pdf) from our friends at Beltone Investment Banking, who acted as lead arrangers. The issuance is part of a broader three-year, multi-issuance program worth a total of EGP 4 bn.

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About the issuance: The bond was backed by a receivables portfolio originated by Jameel Finance, according to a statement (pdf) from counsel Dreny & Partners. It came in three tranches with tenors ranging from 12 to 48 months. The tranches received ratings ranging from P1 to A from the Middle East Ratings and Investors Service (MERIS).

Who bought in: Beltone Asset Management was among those who subscribed to the issuance. The Suez Canal Bank and Banque du Caire both underwrote the issuance.

ADVISORS- Beltone Holding’s Beltone Investment Banking acted as the financial advisor, lead arranger, and bookrunner. The Suez Canal Bank assumed the role of the issuances’ custodian and placement agent. Dreny & Partners provided counsel on the transaction, while Baker Tilly served as the auditor.

What they said: “This issuance reflects our continued strategy to provide clients with tailored, market-driven funding solutions that enable long-term financial stability and flexibility. We’re proud to have partnered with Jameel Finance- Egypt part of Abdullatif Jameel Group in this debut securitization,” Beltone Holding Group Treasurer and Managing Director of Debt Capital Markets Sherif Hassan said.

DATA POINT- This issuance brings the total value of securitized bonds issued in Egypt this year to EGP 13.8 bn, according to data tracked by EnterpriseAM.

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