{"id":613996,"date":"2024-01-24T00:00:00","date_gmt":"2024-01-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/24\/tasaheel-closes-africa-and-egypts-first-securitized-social-sustainability-bond-issuance\/"},"modified":"2024-01-24T00:00:00","modified_gmt":"2024-01-24T00:00:00","slug":"tasaheel-closes-africa-and-egypts-first-securitized-social-sustainability-bond-issuance","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/24\/tasaheel-closes-africa-and-egypts-first-securitized-social-sustainability-bond-issuance\/","title":{"rendered":"Tasaheel closes Africa and Egypt\u2019s first securitized social sustainability bond issuance"},"content":{"rendered":"

There\u2019s nothing micro about microfinance company Tasaheel\u2019s bond issuance:<\/strong>MNT-Halan microfinance subsidiary Tasaheel Finance<\/a> has issued EGP 3.8 bn worth of securitized social sustainability bonds \u2014 the first such bonds in Egypt and Africa\u2014 it said in a statement (pdf)<\/a>. The issuance, which is part of a three-year EGP 13 bn program, came in six tranches rated A- and P1 by Middle East Rating Services (MERIS) and was 1.4x oversubscribed.<\/p>\n

Social sustainability bonds?<\/strong> Also known as just social bonds, social sustainability bonds are bonds whose proceeds are used to finance projects with a positive social income \u2014 think poverty alleviation, improving electricity access, and making education more accessible. In this case, the proceeds will be used to finance projects \u201cwith a social dimension\u201d that \u201ccontribute to sustainable development goals.\u201d The proceeds will be divided amongst a number of segments, with 40% earmarked for people under 35, 50% for women, and 94% for those in rural governorates that lack banking services.<\/p>\n

Moody\u2019s-approved: <\/strong>Moody\u2019s gave the securities a sustainability quality score<\/a> of SQS1 \u2014 thehighest score possible for this type of bond. The score indicates that the securities are \u201cexpected to make a high contribution to the issuer\u2019s advancement of long-term sustainable development.\u201d<\/p>\n

Who bought in: <\/strong>Bank ABC, Abu Dhabi Commercial Bank, Al Ahli Bank of Kuwait, and Arab International Bank subscribed to the issuance, while CIB acted as an underwriter alongside the National Bank of Egypt, the Arab African International Bank, and the Suez Canal Bank. <\/strong><\/p>\n

Advisors: <\/strong>CIB acted as financial advisor and transaction manager. Matouk Bassiouny & Hennawy was legal counsel, KPMG was the auditor, Moody\u2019s Investors Services acted as the sustainability technical advisor.<\/p>\n

This marks Egypt\u2019s and MNT-Halan\u2019s second securitization in 2024 <\/strong>after MNT-Halan\u2019s consumer finance arm Halan<\/a>closed a EGP 971.5 mn<\/a> securitized bond issuance earlier this month. <\/p>\n","protected":false},"excerpt":{"rendered":"

The issuance is part of a three-year EGP 13 bn program<\/p>\n","protected":false},"author":1,"featured_media":613997,"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":[82,7106,88,72,85,2103],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-613996","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-bonds","tag-debt","tag-debt-watch","tag-enterpriseam","tag-securitization","tag-tasaheel","wpautop","entry"],"acf":{"mongo_id":"a8d9ac8a-2374-41a6-994c-bad463c4a210","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/2074.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s Tasaheel Finance raises EGP 3.8 bn from Africa and Egypt\u2019s first securitized social sustainability bond issuance","related_issue":[613989],"teaser":"The issuance is part of a three-year EGP 13 bn program","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.5a1162be-44df-4c12-b25c-d6c12cdafd46.mp3"},"yoast_head":"\nTasaheel closes Africa and Egypt\u2019s first securitized social sustainability bond 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\/2024\/01\/24\/tasaheel-closes-africa-and-egypts-first-securitized-social-sustainability-bond-issuance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tasaheel closes Africa and Egypt\u2019s first securitized social sustainability bond 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transaction marks Tasaheel\u2019s third bond issuance as part of the program, which kicked off in January","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/10\/451.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":620957,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/29\/tasaheel-raises-egp-3-8-bn-from-second-securitized-social-sustainability-bond-issuance\/","url_meta":{"origin":613996,"position":1},"title":"Tasaheel raises EGP 3.8 bn from second securitized social sustainability bond issuance","author":"enterpriseam admin","date":"29 May 2024","format":false,"excerpt":"Companies have raised EGP 13.8 bn from securitization so far this year","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT 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MNT-Halan did not disclose the total value of Tasaheel\u2019s loan book\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/324.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":609280,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/02\/tasaheel-closes-egp-3-bn-securitized-bond-issuance-plus-nuca-has-another-issuance-in-the-wings\/","url_meta":{"origin":613996,"position":5},"title":"Tasaheel closes EGP 3 bn securitized bond issuance. PLUS: NUCA has another issuance in the wings.","author":"enterpriseam admin","date":"2 November 2023","format":false,"excerpt":"There\u2019s plenty more news from the nation\u2019s red-hot securitization market, which has now seen the value of bonds taken to the market rise more than a third compared to the same time last year. UP FIRST- CI Capital has closed an EGP 3 bn securitized bond issuance for MNT-Halan\u2019s microfinance\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/80.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/613996","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=613996"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/613996\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/613989"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/613997"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=613996"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=613996"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=613996"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=613996"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=613996"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}