Al-Ahly Pharos Investment Banking, the investment banking arm of the National Bank of Egypt, announced the successful conclusion of Al Ahly Securitization Company’s first securitization issuance of the 9th Program valued at EGP 2 billion, and secured by a portfolio worth EGP 2.86 billion assigned by Incolease.

Al Ahly Pharos Investment Banking acted as the financial advisor, transaction lead arranger, and book-runner of the issuance. Additionally, this transaction was carried out in collaboration with National Bank of Egypt, Al Baraka Bank, Société Arabe Internationale de Banque, and Arab African International Bank who acted as the transaction’s underwriters. The National Bank of Egypt acted as the placement agent, and Arab African International Bank acted as the custodian, while Matouk Bassiouny & Hennawy acted as the legal advisor, BakerTilly (Mohamed Hilal & Wahid Abdelghaffar) & Fathalla & Co. Accountant & Consultants acted as the auditors, and Middle East for Credit Rating and Investors Service (MERIS), acted as the credit rating agency for the issuance.

The bond is comprised of 3 tranches rated by Middle East Rating Services (MERIS) as AA+, AA, and A- respectively. The first tranche is worth EGP 987 million with a tenor of 25 months, the second is worth EGP 552 million with a tenor of 37 months, the third is worth EGP 461 million with a tenor of 51 months.

Ahmed Heider, CEO of Al Ahly Pharos Investment Banking stated: “This successful issuance reflects the confidence of financial institutions in the transaction structure and the quality of the underlying securitized assets. It also underscores our ongoing commitment to delivering innovative financing solutions that support market growth and enhance the efficiency of non-banking financial instruments in Egypt. We are proud to have contributed to this issuance, which marks a step in our strategy to expand our investor base and meet clients’ needs through advanced financing structures.”

“The successful closure of Incolease’s first securitization marks a definitive milestone that underscores our commitment to supporting our clients' financing requirements. Notably, this issuance stands as the first leasing securitization transaction to be closed in 2026 across the entire Debt Capital Market, a clear signal of our team’s capability to pioneer first leasing securitization transaction-of-the-year transactions. This achievement is a testament to our enduring partnership with Incolease; as we continue to lead the DCM rankings, we remain focused on setting new benchmarks of excellence and driving growth for our clients and the Egyptian market at large,” added Heider.

Ahmed Ayman, Head of the DCM Division, commented: “It is a distinct privilege to begin my journey at Al Ahly Pharos Investment Banking by closing this unprecedented milestone—the first securitization issuance for Incolease. Spearheading the market's activity for the year. This achievement is far more than a corporate win; it is a direct result of the grit and seamless collaboration between the Al Ahly Pharos and Incolease teams. It reinforces our long-standing partnership and further solidifies our ranking in the Debt Capital Markets rankings as we kick off a successful new chapter.”

About Al-Ahly Pharos Investment Banking S.A.E.

Al-Ahly Pharos Investment Banking, the investment banking arm of the National Bank of Egypt, is one of the leading providers of financial integrated services across Debt Capital Markets, Equity Capital Markets, as well as Mergers and Acquisitions sector in Egypt. Leveraging the strength of the National Bank of Egypt, Al Ahly Pharos holds a leadership position in the investment banking market, securities trading, research, and debt roles such as securitization and sukuk.