Egypt - CI Capital closed a deal to issue securitization bonds in favour of Aman for Financial Services, at a value of EGP 403.4m, as part of a multi-issuance program worth EGP 5bn that extends over 3 years.
The issuance comes in three tranches, the first with a value of EGP 70.1m with a maturity period of 13 months, the second with a value of EGP 231.3m with a maturity period of 37 months, and the third with a value of EGP 102m with a nominal value of EGP 100 with a maturity period of 56 months.
The tranches obtained distinguished credit ratings from MERIS (Middle East Rating & Investors Service), as the first tranche got an AA+ rating, the second tranche got an AA rating, and the third tranche got an A rating.
Amr Helal, CEO of the sell-side investment bank at CI Capital, said that the year started with an important issuance in the sector of non-banking financial services companies, especially since the issuance comes after a series of important deals that the company executed since the last quarter of last year.
He added that CI Capital is looking forward to completing more deals of all kinds during the current year.
For his part, Mohamed Abbas, Head of the DCM at CI Capital, said that the completion of the first issuances of this year at the beginning of the year reflects the confidence of customers and investors in CI Capital and the debt instruments market, which has recently witnessed positive growth and an increase in issuance values.
Abbas added that the issuance contributes to boosting financing for the consumer financing sector, which has become a source of interest for a huge segment of consumers in light of the current circumstances.
In October 2022, CI Capital successfully concluded two securitization bond issuances, on behalf of Tamweel Securitization Company – the originator of Tamweel Mortgage’s Portfolio – and on behalf of GlobalCorp Securitization Company, the originator of GlobalCorp Financial Services’ Portfolio, with an aggregate value of EGP 2.882 billion.
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