The end-of-year securitization rush carried over to the new year, with two entities announcing that they had closed securitization issuances over the first few days of the year and a few others that squeezed in issuances just before 2024 came to a close.

TASAHEEL FINANCE COMPANY KICKS OFF 2025 WITH MULTI EGP BN ISSUANCE-

Tasaheel Finance Company issued EGP 5.1 bn worth of securitized bonds, the transaction’s financial advisor, lead manager and bookrunner Al Ahly Pharos Investment Banking said in a statement (pdf). The issuance is secured by a EGP 6.4 bn portfolio.

The details: The issuance is composed of six tranches with tenors ranging from 6 to 32 months rated between P1 to A- by the Middle East Ratings and Investors Service (MERIS).

Who bought in? Bank NXT, Al Ahli Bank of Kuwait, Ebank were among those that subscribed to the issuance, alongside underwriters Al Ahly Pharos, National Bank of Egypt, Arab African International Bank, and the Suez Canal Bank.

Advisors: Alongside Al Ahly Pharos Investment Banking, which acted as the transaction’s financial advisor, lead manager and bookrunner, CIB acted as custodian, the National Bank of Egypt acted as the arranger, and Matouk Bassiouny was the legal advisor.

CIRA’s BADR UNIVERSITY HITS THE SECURITIZATION MARKET

Badr University issues an EGP 500 mn future flow securitized bonds: Our friends at EFG Hermes have provided advisory on a future flow securitization issuance worth EGP 500 mn for Badr University in Assiut (BUA), marking the university’s first standalone future flow securitization, the company said in a statement (pdf). The issuance was backed by future revenues generated by the CIRA Education-owned university.

About the issuance: The issuance included three tranches with tenors ranging from 34 to 82 months, all of which were rated A by MERIS and backed by future revenues that will be generated by the university.

Who bought in: The Abu Dhabi Commercial Bank subscribed to the issuance, while EFG Hermes, Al Barak Bank, and the Suez Canal Bank acted as underwriters.

Advisors: EFG Hermes was the sole financial advisor, transaction manager, book-runner, underwriter, and arranger. The Suez Canal Bank acted as the subscription bank, Ahli United Bank was the custodian bank, PwC was the auditor, and Zulficar and Partners was the legal advisor.

GB LEASE AND FACTORING SQUEEZE IN ONE LAST ISSUANCE OF THE YEAR-

GB Lease & Factoring close 11th issuance of EGP 15 bn program: GB Lease & Factoring issued EGP 1.8 bn worth of securitized bonds as part of a three-year EGP 15 bn program, Dreny and Partners said in a statement (pdf).

The details: The issuance was backed by a receivables portfolio originated by GB Lease & Factoring, and was composed of four tranches that received credit ratings rated AA+, AA, A, and A- from MERIS.

Who bought in: CIB, Arab African International Bank, National Bank of Egypt, and Banque du Caire acted as the transaction’s underwriters.

Advisors:CIB and CI Capital acted as the financial advisor and lead arranger of the transaction. CIB also acted as the transaction’s custodian and Banque du Caire was the transaction’s bookrunner. Fathalla & Co. United Accountants and Ahmed Yehia Auditors were the official auditors for the transaction.

PREMIUM CARD RAISES EGP 400 MN IN SECURITIZATION ISSUANCE-

Premium Card close third securitization issuance of three-year EGP 2 bn program: Premium International for Financial Services — often known by its sole product Premium Card — closed a EGP 400 mn issuance at the end of January, according to a statement (pdf) from EFG Hermes and another statement (pdf) from Dreny and Partners.

The details: The issuance was backed by a receivables portfolio originated by Premium Card, and was composed of two tranches with tenors of 12 and 36 months rated P1 and A by MERIS.

Who bought in: EFG Hermes, Arab African International Bank, and the Suez Canal Bank all acted as underwriters.

Advisors:Our friends at EFG Hermes acted as the financial advisors and lead arrangers of the transaction. Arab African International Bank also acted as the custodian, while the Suez Canal Bank acted as the subscription bank. KPMG was the transaction’s auditor and Dreny & Partners were legal advisors.

AL AHLY TAMKEEN HITS THE SECURITIZATION MARKET-

Al Ahly Tamkeen wraps up 2024 with EGP 760 mn issuance: Al Ahly Tamkeen for Microfinance closed an EGP 760 mn securitization issuance at the end of December, the transaction’s financial advisor Al Ahly Pharos Investment Banking said in a statement (pdf).

The details: The issuance was backed by a portfolio of receivables worth EGP 928 mn assigned by Al Ahly Tamkeen Microfinance Company. It included five tranches with tenors ranging from 6 to 24 months, which received credit ratings of P1 and A- from MERIS.

Who bought in: Al Ahly Pharos, National Bank of Egypt, Arab African International Bank, and the Suez Canal Bank were underwriters of the transaction.

Advisors: Al Ahly Pharos Investment Banking was the transaction’s financial advisor, lead manager and bookrunner. Arab African International Bank acted as the placement agent and the Suez Canal Bank acted as the custodian, while the National Bank of Egypt acted as the arranger, Matouk Bassiouny acted as the legal advisor, and Baker Tilly acted as the auditor.

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