{"id":588466,"date":"2023-06-12T00:00:00","date_gmt":"2023-06-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/enmaa-finance-closes-its-first-egp-759-mn-securitization-issuance\/"},"modified":"2023-06-12T00:00:00","modified_gmt":"2023-06-12T00:00:00","slug":"enmaa-finance-closes-its-first-egp-759-mn-securitization-issuance","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/enmaa-finance-closes-its-first-egp-759-mn-securitization-issuance\/","title":{"rendered":"Enmaa Finance closes its first EGP 759 mn securitization issuance"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Enmaa Finance closes its first securitized bond issuance:<\/span><span style=\"\"> Leasing and factoring <\/span><span style=\"\">company Enmaa Finance has closed its first securitized bond issuance worth EGP 759 mn, financial advisor Al Ahly Pharos said in a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/6\/564.pdf\" style=\"\">statement (pdf)<\/a><\/span><span style=\"\">. The three-tranche issuance has tenors ranging from 13-56 months and ratings of AA+ through A from the Middle East Rating and Investors Service (MERIS). It is backed by an EGP 1.16 bn receivables portfolio. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Who bought in?<\/span><span style=\"font-weight:400;\"> The National Bank of Egypt (NBE), Faisal Islamic Bank, Banque du Caire (BdC), Arab African International Bank (AAIB), ABC Bank and Attijariwafa Bank Egypt together covered subscription to the issuance, the statement reads. NBE, BdC, AAIB, and Al Ahly Pharos were underwriters on the transaction. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Advisor<\/span><span style=\"font-weight:700\">s:<\/span><span style=\"font-weight:400;\"> Al Ahly Pharos acted as the sole financial advisor, sole transaction manager, bookrunner, and arranger of the issuance. Banque du Caire was also an arranger. AAIB acted as custodian and BdC as the placement agent. Dreny &amp; Partners acted as the legal advisor, and Baker Tilly as the auditor of the transaction.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">A good year for securitization:<\/span><span style=\"font-weight:400;\"> This issuance pushed the total value of securitized bond issuances this year to nearly EGP 16.3 bn, up more than 40% from the same period last year.&nbsp;<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><i>Correction: 13 June 2023&nbsp;<\/i><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><i>A previous version of this article incorrectly stated that Enmaa Finance closed a USD 759 mn issuance.<\/i><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The securitization issuance is Enmaa\u2019s first<\/p>\n","protected":false},"author":1,"featured_media":588467,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7274],"tags":[813,88,8431,72,85],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-588466","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-al-ahly-pharos","tag-debt-watch","tag-enmaa-finance","tag-enterpriseam","tag-securitization","wpautop","entry"],"acf":{"mongo_id":"5a9e82c6-81ac-4963-b975-1a428879a8c7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/566.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Enmaa Finance closes EGP 759 mn bond securitization issuance","related_issue":[588450],"teaser":"The securitization issuance is Enmaa\u2019s first","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.cb96407c-9d92-4b52-887d-61fa3ae19704.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Enmaa Finance closes its first EGP 759 mn securitization issuance - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/enmaa-finance-closes-its-first-egp-759-mn-securitization-issuance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Enmaa Finance closes its first EGP 759 mn 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