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Egypt’s debt capital markets continue to gather momentum, with more than EGP 9 bn in new sukuk and securitization transactions closed, reflecting growing demand for structured and shariah-compliant instruments to fund corporate growth.
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Tamweel Mortgage Finance finalized a EGP 5.52 bn mudaraba sukuk issuance to finance the acquisition of a portfolio of under-construction units from Talaat Moustafa Group’s Arab Company for Projects and Urban Development, according to a statement (pdf). The proceeds will be used by the developer to complete the units construction, giving the transaction a hybrid mudaraba–istisna’a structure. The issuance — the first of its kind in the Middle East for a mortgage company — is rated AA- by Middle East Ratings and Investors Service (Meris) and marks a key milestone for Egypt’s growing sukuk market.
Buyers: Abu Dhabi Commercial Bank, Industrial Development Bank, Emirates NBD, and Faisal Islamic Bank bought into the issuance. Al Ahly Pharos, National Bank of Egypt, Suez Canal Bank, Arab African International Bank, and Al Baraka Bank acted as the transaction’s underwriters.
ADVISORS- The National Bank of Egypt acted as the placement agent, the Arab African International Bank served as the payment agent, and Dreny and Partners provided counsel. Baker Tilly acted as the auditor, Meris served as the rating agency, and RSM was the independent financial advisor.
Separately, MNT-Halan’s microfinance arm Tasaheel completed a EGP 3.75 bn securitization, its third under a EGP 20 bn securitization program, according to a statement (pdf). The microfinance player closed a EGP 4.7 bn SME-backed issuance in June and EGP 5.1 bn issuance in January.
ADVISORS- CI Capital and Al Ahly Pharos acted as financial advisors, while Matouk Bassiouny & Hennawy provided counsel. Baker Tilly acted as the auditor, Capital Securitization Company as the issuer, and Meris as the rating agency.
