MNT-Halan’s microfinance arm Tasaheel wrapped up a EGP 4.7 bn securitized bond issuance, the first in Egypt to be backed entirely by a portfolio of SMEs, according to a statement (pdf) from the company. The issuance is the largest securitization of the year so far, according to the statement.

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The details: The issuance came in six tranches, which were rated P1 and A- by the Middle East Rating and Investors Service.

Who bought in: The National Bank of Egypt, CIB, Suez Canal Bank, Arab African International Bank, and Al Ahly Pharos underwrote the issuance.

What they said: “This issuance marks an important milestone in Tasaheel’s journey and reflects the strength of its credit portfolio and the trust placed in its performance by financial institutions. Expanding access to finance for SMEs is a cornerstone for supporting Egypt’s economic development, and we are proud to lead this effort through Tasaheel,” MNT-Halan CEO Mounir Nakhla said.

ADVISORS- Al Ahly Pharos and the Arab African International Bank acted as financial advisors and lead arrangers. Matouk Bassiouny & Hennawy served as counsel, while Baker Tilly was financial auditor. The EG Bank acted as custodian.

IN OTHER DEBT NEWS-

The European Bank for Reconstruction and Development (EBRD) inked a USD 25 mn risk sharing facility with Emirates NDB Egypt, the development bank said in a statement. The signing marks the first time an Egyptian bank has joined the EBRD’s risk-sharing framework and will support Emirates NDB Egypt to target high-export potential clients, particularly young entrepreneurs.

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