CI Capital has closed an EGP 884 mn securitized bond issuance for its micro-financing arm Reefy Microfinance, according to a statement (pdf) from CI Capital.

The details: The issuance was the second of a three-year, EGP 3 bn program. It came in three tranches with tenors ranging between six and 18 months, with two tranches rated Prime 1 and one rated A- by the Middle East Rating and Investors Service (MERIS).

Remember: Reefy kicked off its securitization program in August of last year with a EGP 700 mn issuance.

The plan for the funds: The issuance will provide Reefy with “additional financing capacity and lowers our financing costs. This allows us to offer competitively priced products, fostering sustainable growth for both the company and our clients, in line with the responsible finance principles set by the Financial Regulatory Authority,” CEO Ahmed Labib said.

Advisors: CI Capital acted as sole financial advisor, issuance manager, and lead arranger. Zaki Hashem & Partners provided legal counsel, while Baker Tilly was the auditor.

DATA POINT- This issuance brings the total value of securitized bonds issued in Egypt this year to EGP 27.3 bn, according to data tracked by EnterpriseAM Egypt.

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