Microfinance player Al Ahly Tamkeen closed its third ever securitized bond issuance, raising EGP 881.5 mn, according to a statement (pdf) from transaction advisor Al Ahly Pharos Investment Banking. The issuance is part of Tamkeen’s efforts to “enhance its funding sources and diversify its financial instruments, in support of microfinance activities and expanding the reach of its financial services to more beneficiaries,” the statement read.

About the issuance: The issuance is made up of five tranches backed by a EGP 1.1 bn portfolio assigned by Al Ahly Capital for Microfinance. The tranches have tenors ranging from six to 24 months and were rated P1 and A- by Middle East Rating and Investors Service (Meris).

Who bought in: Al Ahly Pharos, the National Bank of Egypt, Arab African International Bank, Banque du Caire, and Suez Canal Bank underwrote the issuance.

Advisors: Al Ahly Pharos acted as lead manager, financial advisor, arranger, and promoter on the transaction. Arab African International Bank also acted as placement agent, and Suez Canal Bank was the custodian. Matouk Bassiouny & Hennawy provided counsel, while Baker Tilly served as auditor.

DATA POINT- This issuance brings the total value of securitized bonds issued in Egypt this year to EGP 10.8 bn — 55.9% more than the amount raised in the same period last year — according to data tracked by EnterpriseAM.

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