CI Capital has closed an EGP 700 mn securitized bond issuance for its micro-financing arm Reefy Microfinance, backed by a portfolio of the micro-lender’s receivables, according to a statement (pdf) from CI Capital.

The details: The issuance was the first of a three-year, EGP 3 bn program. It was issued in three tranches with tenors ranging between six and 19 months, with two tranches rated Prime 1 and one rated A by the Middle East Rating and Investors Service (MERIS).

Who bought in? Banque Misr acted as an underwriter for the issuance, which was covered “more than once by several banks, financial services companies, and different asset managers,” CI Capital said in the statement, without naming the subscribers.

Advisors: CI Capital acted as sole financial advisor, issuance manager, and lead arranger. Matouk Bassiouny & Hennawy provided legal advisory, while Baker Tilly was the auditor.

DATA POINT- Companies have now issued more than EGP 46 bn of securitized bonds so far this year, according to data tracked by Enterprise — more than total volumes across the whole of 2022.

ALSO IN DEBT- Al Oula negotiates with three banks over a EGP 1.6 bn loan: Al Oula Mortgage Finance is negotiating with the National Bank of Egypt, Banque Misr, and First Abu Dhabi Bank over an EGP 1.6 bn loan, sources reportedly told Al Mal. The company intends to finalize the loan within weeks, which it plans to use to shore up liquidity as it expands its portfolio.

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