{"id":619728,"date":"2024-05-09T00:00:00","date_gmt":"2024-05-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/09\/contact-financial-raises-egp-1-04-bn-from-securitized-bond-issuance\/"},"modified":"2024-05-09T00:00:00","modified_gmt":"2024-05-09T00:00:00","slug":"contact-financial-raises-egp-1-04-bn-from-securitized-bond-issuance","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/09\/contact-financial-raises-egp-1-04-bn-from-securitized-bond-issuance\/","title":{"rendered":"Contact Financial raises EGP 1.04 bn from securitized bond issuance"},"content":{"rendered":"

Contact is off to the (s<\/strong>ecuritization) races: <\/strong>Non-banking financial services firm Contact Financial has closed an EGP 1.04 bn securitized bond issuance, its first in 2024, the company said in a statement (<\/a>pdf<\/a>)<\/a>. The bonds were issued by Contact\u2019s Sarwa Securitization and backed by a Contact Credit portfolio.<\/p>\n

The issuance featured three tranches<\/strong> that were rated AA+, AA, and A by the Middle East Rating Services.<\/p>\n

The buyers:<\/strong> The issuance was subscribed to by Al Ahli Bank of Kuwait - Egypt in addition to several unspecified \u201cmoney market funds\u201d. Contact along with Arab African International Bank (AAIB), Banque du Caire, CI Capital, and Al Ahly Pharos were underwriters.<\/p>\n

What they said: <\/strong>\u201cWe have successfully completed our new securitization bonds issuance, despite significant economic challenges, notably the recent interest rate hike by the Central Bank of Egypt in March,\u201d Contact Financial CEO Said Zater said. \u201cIt also reflects the confidence of local and global financial institutions in the strength of our credit portfolio, the diversity of our financial instruments and the competence of our team,\u201d he added.<\/p>\n

That\u2019s not all:<\/strong> Contact is also \u201con track\u201d to complete a new sukuk issuance during 2Q 2024, according to the statement.<\/p>\n

Data Point:<\/strong> Companies have raised almost EGP 8 bn from securitization so far this year, that\u2019s58% less compared to the same period last year, according to data tracked by Enterprise.<\/p>\n

ADVISORS- <\/strong>Contact served as issuance manager and promoter of the issuance. AAIB served as custodian, Banque du Caire was the placement agent, while our very good friends at ALC Alieldean Weshahi & Partners were legal counsel, and KPMG served as the issuance\u2019s auditor.<\/p>\n","protected":false},"excerpt":{"rendered":"

The issuance was backed by a Contact Credit portfolio<\/p>\n","protected":false},"author":1,"featured_media":619729,"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":[933,7106,88,72,85],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-619728","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-contact-financial","tag-debt","tag-debt-watch","tag-enterpriseam","tag-securitization","wpautop","entry"],"acf":{"mongo_id":"aef27bc7-6220-4f1b-8252-7d990a6b1f26","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/593.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Contact Financial raises EGP 1.04 bn in its first securitized bond issuance for 2024","related_issue":[619717],"teaser":"The issuance was backed by a Contact Credit portfolio","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.471370fb-6000-4764-a7bb-6e193cd84239.mp3"},"yoast_head":"\nContact Financial raises EGP 1.04 bn from securitized bond issuance - 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