B.TECH completed a EGP 1.5 bn securitization issuance, which marks its first issuance under a EGP 10 bn program, according to a statement (pdf) from counsel Matouk Bassiouny & Hennawy. Capital Securitization Company, a licensed SPV, issued the bonds backed by B.TECH’s receivables.

B.TECH’s transaction comes amid a flurry of October issuances in the securitized debt market. MNT-Halan’s microfinance arm Tasaheel completed a EGP 3.75 bn issuance, its third under a EGP 20 bn program. Valu also closed a EGP 1.1 bn issuance, the second under its EGP 10 bn program, while Contact Financial Holding wrapped up a EGP 1.3 bn issuance. The wave of activity highlights continued momentum in Egypt’s nonbank securitization space, as consumer finance players tap capital markets to free up liquidity.

ADVISORS- Al Ahly Pharos served as the financial advisor, Baker Tilly as the auditor, and Middle East Rating & Investors Service (Meris) as the rating agency.

IN OTHER DEBT NEWS-

Al Baraka Bank Egypt inked a EGP 200 mn financing agreement with the Micro, Small, and Medium Enterprise Development Agency (MSMEDA) to on-lend to SME projects across Egypt at competitive rates, according to a statement (pdf). The lender will focus on digital transformation, industrial, and agricultural projects.

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