| 19 Jun 2007 |
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Tamweel asset-backed securities expected to receive highest outstanding ratings assigned by international rating agencies for a securitisation by a UAE-based institution
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Class A Notes to receive ratings of Aa2 by Moody'sMoody's
and AA by FitchThe world's first tiered securitisation structure for Islamic assets
Dubai, June 19, 2007: TamweelTamweel
PJSC, the largest provider of real estate finance in the UAE, announced today that it will enter into a USD 220 million asset-backed issuance of notes, in which the senior notes are expected to be assigned a rating of Aa2 by Moody'sMoody's Investors Service and AA by Fitch Ratings Limited. These ratings are expected to be the highest outstanding ratings assigned by international rating agencies for an asset portfolio originated by a UAE-based institution in the Middle East and North Africa region.
As a tiered, multi-class structure, this landmark issue, which was vetted by TamweelTamweel
's Sharia advisory board, will be one of the first securitisations of its type globally.Adel Al Shirawi, CEO of TamweelTamweel, said: "We believe that such strong ratings from international rating agencies such as Moody'sMoody's and Fitch are a clear indication that an originator like TamweelTamweel, can generate a high-quality portfolio that can meet world class standards. This is indeed a landmark occasion for TamweelTamweel - and equally for the United Arab Emirates and the region."
He continued: "Backed by the quality of our asset book, our superior risk management, and such strong ratings from Moody'sMoody's and Fitch, we now expect to have access to even lower-cost funds from international and institutional investors with higher tenors."
He added: "TamweelTamweel tapping into international funds coincides with our regional expansion plans, providing better and cheaper funding mechanisms for our regional based assets. We expect that TamweelTamweel is at least two years ahead of competition in this domain."
has appointed Emirates National Securitization Corporation, a leading structured finance house based in Dubai, to structure the proposed transaction.TamweelTamweel is pleased to announce the appointment of Morgan Stanley & Co. InternationalMorgan Stanley & Co. International as joint manager, joint book-runner and provider of hedging solutions and Standard Chartered BankStandard Chartered Bank as joint manager, joint book-runner and provider of a liquidity facility for this proposed transaction.
-Ends-
For further information, please contact:
Nabil Abou Alwan
TamweelTamweel PJSC
Dubai,
UAE
Tel: +971-4-2944400
Fax: +971-4-2944331
Nicholas Nesson / Gunjan Chaurasia
ASDA'A Public Relations
Exclusive Affiliate of Edelman, Middle East & North Africa
Dubai,
UAE
Tel: 971-50-4785324 / 50-2797034
Fax: 971-4-3356080
E-mail: n.nesson@asdaa.com/ g.chaurasia@asdaa.com
© Press Release 2007
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