That’s a wrap on B.TECH’s fifth securitized bond issuance: Electronics retailer B.TECH closed a EGP 859.4 mn securitized bond issuance, according to a statement. The issuance is the fifth of a wider EGP 5 bn securitization program.

The details: This issuance came in two tranches — a nine- and an 11-month tranche. Both tranches received a P1 credit rating from Middle East Rating & Investors Service (MERIS).

Who bought in? The issuance saw strong demand from investors, with participation from CIB along with several investment funds managed by CI Asset Management (CIAM) and Arab African Investment Management (AAIM).

ADVISORS- CIB served as the sole financial advisor, lead arranger, manager, promoter, and underwriter of the issuance. Matouk Bassiouny & Hennawy was legal advisor, while Baker Tilly served as auditor.

IN OTHER DEBT NEWS-

Al Baraka Bank-Egypt secures USD 100 mn: Al Baraka Bank-Egypt lined up two facilities — each worth USD 50 mn — from the Islamic Corporation for the Ins. of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group, according to Mubasher. The two facilities — a Documentary Credit Ins. Policy (DCIP) and a Bank Master Policy (BMP) — aim to bolster the bank’s Islamic trade finance offering for corporate and SME clients. The DCIP is geared toward mitigating export risks backed by LCs, while the BMP will support broader Islamic trade finance activity.

Tags: