{"id":591090,"date":"2023-07-31T00:00:00","date_gmt":"2023-07-31T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/31\/aman-financial-services-issues-securitized-bonds-globalcorp-plans-new-issuance\/"},"modified":"2023-07-31T00:00:00","modified_gmt":"2023-07-31T00:00:00","slug":"aman-financial-services-issues-securitized-bonds-globalcorp-plans-new-issuance","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/31\/aman-financial-services-issues-securitized-bonds-globalcorp-plans-new-issuance\/","title":{"rendered":"Aman Financial Services issues securitized bonds, GlobalCorp plans new issuance"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Aman closes second securitization transaction of 2023:<\/strong> Raya Holding\u2019s non-banking financial services outfit Aman Financial Services and its consumer finance arm Aman Microfinance issued EGP 859 mn in securitized bonds, according to a <a href=\"https:\/\/ent.news\/2023\/7\/1204.pdf\" style=\"\">statement<\/a> <a href=\"https:\/\/ent.news\/2023\/7\/1204.pdf\" style=\"\">(pdf)<\/a> by CI Capital, who acted as an advisor on the issuance. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Aman is 25% through a wider securitization program: <\/strong>The company has now completed around a quarter of its three-year, EGP 5 b n securitization program, which kicked off in February with a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3bed0478-7336-4621-8db5-145529864fa2\" style=\"\">EGP 403 mn issuance<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About the issuance: <\/strong>The issuance came in four tranches with tenors of between six and 24 months and ratings of Prime 1, AA+, and A from the Middle East Ratings and Investor Services (MERIS). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors:<\/strong> Our friends at CI Capital acted as financial adviser, issuance manager, and lead arranger, while the National Bank of Egypt (NBE) and First Abu Dhabi Bank (FAB) acted as underwriters. Zaki Hashem & Partners provided counsel and UHY Egypt was the auditor. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DATA POINT- <\/strong>Companies have now issu ed almost EGP 39 bn of se curitized bonds so far this year, more than double the EGP 16.1 bn issued during the same period last year, according to data tracked by Enterprise . <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>GLOBAL CORP TO RETURN TO THE MARKET-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>GlobalCorp is apparently plotting a new issuance:<\/strong> Non-banking financial services firm GlobalCorp is preparing to take another EGP 2.54 bn of securitized bonds to market, <a href=\"https:\/\/www.alborsaanews.com\/2023\/07\/30\/1695421\" style=\"\">Al Borsa<\/a> reported yesterday, citing sources familiar with the matter. The issuance will reportedly take place in mid-August, and is being managed by Al Ahly Pharos. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FYI- <\/strong>This would be GlobalCorp\u2019s fourth issuance of its EGP 5 bn program and the first since December when it <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/73e44578-5865-4830-afd9-b0fa9d3442b1\" style=\"\">closed a EGP 1.1 bn issuance<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>UNITED BANK RENEWS <\/strong><strong>AFREXIMBANK LOANS-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>United Bank rolls over almost USD 1 bn in loans from Afreximbank:<\/strong> State-owned United Bank has rolled over two loans from the African Export-Import Bank (Afreximbank), the first worth some USD 380 mn and the second worth some USD 600 mn, a banking official reportedly told <a href=\"https:\/\/tinyurl.com\/48umpfc9\" style=\"\">Asharq Business<\/a>. The money will go towards financing projects, the official said, without providing any further details. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>United Bank is up for sale as part of the state\u2019s privatization plans. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/11cbc1b8-2f94-4e36-ba9b-336207272b2f\" style=\"\">Last we heard<\/a>, the Central Bank of Egypt \u2014 which owns 99.99% of the bank \u2014 had appointed Barclays to join CI Capital as the financial advisors working on the sale. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>New issuances are up more than 2x on last year in EGP terms<\/p>\n","protected":false},"author":1,"featured_media":591091,"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":[421,616,136,88,72,595,614,85,7193],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-591090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-afreximbank","tag-aman-financial-services","tag-ci-capital","tag-debt-watch","tag-enterpriseam","tag-non-banking-financial-services","tag-raya-holding","tag-securitization","tag-united-bank","wpautop","entry"],"acf":{"mongo_id":"e6b592cb-1433-47ce-a51b-5a1872f5d3b7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/1224.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Raya\u2019s Aman Financial Services issues EGP 859 mn in securitized bonds as Global Corp also looks to return to the market","related_issue":[591079],"teaser":"New issuances are up more than 2x on last year in EGP terms","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/7\/.42be7965-ac82-4fc6-b9e8-4be0a85039e3.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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About the issuance: The issuance came in three tranches with tenors of 13,\u2026","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/money-1600-4.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581336,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/08\/rayas-aman-financial-services-to-tap-securitized-market-within-weeks\/","url_meta":{"origin":591090,"position":1},"title":"Raya\u2019s Aman Financial Services to tap securitized market within weeks","author":"enterpriseam admin","date":"8 February 2023","format":false,"excerpt":"The issuance comes to finance the company\u2019s expansion plans for the first half of the year","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/Aman-bonds-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":623794,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/11\/aman-issues-egp-1-bn-in-securitized-bonds\/","url_meta":{"origin":591090,"position":2},"title":"Aman issues EGP 1 bn in securitized bonds","author":"enterpriseam admin","date":"11 June 2024","format":false,"excerpt":"The issuance is part of a wider EGP 5 bn, three-year securitization program","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/947.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":643970,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/18\/rayas-aman-issues-egp-1-29-bn-in-securitized-bonds\/","url_meta":{"origin":591090,"position":3},"title":"Raya\u2019s Aman issues EGP 1.29 bn in securitized bonds","author":"enterpriseam admin","date":"18 September 2024","format":false,"excerpt":"The issuance is part of a wider EGP 5 bn, three-year securitization program","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1362.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":592804,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/06\/tawriq-signs-egp-500-mn-securitization-issuance\/","url_meta":{"origin":591090,"position":4},"title":"Tawriq signs EGP 500 mn securitization issuance","author":"enterpriseam admin","date":"6 November 2019","format":false,"excerpt":"Arabia Investment\u2019s Tawriq for Securitization will issue EGP 500 mn of asset-backed securities for Raya Holding, pending the approval of the Financial Regulatory Authority, according to a disclosure to the bourse (pdf). Raya had signed last month its first securitized bond issuance for its subsidiaries, Raya Electronics, Aman Financial Services,\u2026","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":594380,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/28\/raya-holding-subsidiaries-to-issue-securitized-bonds-worth-egp-500-mn\/","url_meta":{"origin":591090,"position":5},"title":"Raya Holding subsidiaries to issue securitized bonds worth EGP 500 mn","author":"enterpriseam admin","date":"28 October 2019","format":false,"excerpt":"Raya Holding for Financial Investments subsidiaries Raya Electronics, Aman Financial Services, and Aman Microfinance are planning to issue EGP 500 mn of asset-backed securities, according to the local press. 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