Al-Ahly Pharos investment banking a subsidiaries of Al-Ahly Financial Services Group, which represents the integrated investment arm of the National Bank of Egypt, announced that Al Ahly Pharos Debt Capital Market (DCM) team aside CIB and CI Capital successfully closed New Urban Communities Authority’s first securitization issuance worth EGP 15 billion assigned to Al-Taamir Securitization Company as the issuance’s special purpose vehicle (SPV), which is the first issuance of a program with a total value of 30 billion, whereby Al Ahly Pharos, CIB and CI Capital acted as the financial advisors, transaction managers, book-runners, and arrangers of the issuance while National Bank of Egypt, Banque Misr, Commercial international Bank and Banque Du Caire acted as the transaction’s underwriters. Commercial International bank acted as the custodian and placement agent, Dreny & Partners acted as the legal advisor, and Bakertilly as the auditor of the transaction, while MERIS "Middle East for Credit Rating and Investors Service", acted as the credit rating for the issue.
The bond is comprised of four tranches The first tranche is worth EGP 1.7 billion, the second is worth EGP 6.06 billion, the third tranche is worth 5.82 billion while the fourth tranche is worth EGP 1.41 billion with a tenor of 56 months. The four tranches are rated by Middle East Rating Services (MERIS) as (Prime 1), (AA), (AA-) and (A-) respectively.
Ahmed Heider CEO & Managing Director of Al Ahly Pharos Investment Banking Group has expressed his contentment about the closure of the first issuance from a multi-issuance program for New Urban Communities Authority which indicates the trust Al Ahly Pharos has between its clients within the DCM market and this issuance articulates the precedence of the company within the securitization market.
Amir Sherif, Managing Director, and Head of the Debt Capital Markets at Al Ahly Pharos stated that this issuance is the fourth of Al Ahly Pharos since the beginning of the year, and it is considered the largest issuance of the company in terms of value and the second largest in the history of the Egyptian Market, which comes as a continuation of the company’s leadership in the Debt Capital Markets.
Mohamed Shaaban, Director of the Debt Capital Markets at Al Ahly Pharos, added that despite the current market challenges, the issuance was completed successfully, and the continuation of issuances is adding more confidence ifor the Debt Capital Markets and increasing liquidity rates in the Egyptian Market.
Heider praised the successive completion of successful deals that Al Ahly Pharos has completed since the beginning of this year of 10 various deals between Debt and stock issues, in addition of Mergers and acquisitions, with a total approximate value of 25 billion Egyptian Pounds.
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About Al-Ahly Pharos Investment Banking S.A.E.
Al Ahly Pharos Investment Banking is a leading investment bank operating in both Debt Capital Markets, Equity Capital Markets, as well as mergers and acquisitions sector in Egypt, providing clients with fully integrated financial services capitalizing on Al Ahly Financial Services group.
Al Ahly Pharos Investment Financial Services is a subsidiary of Al Ahly Financial Services, and it is the investment bank of the National Bank of Egypt Group, offering a fully integrated financial services, with a leading market position in investment banking, brokerage and research, asset management, and Debt capital markets.
