Emirates National Securitization Corporation (ENSEC) is pleased to announce the launch of UAE's debut asset backed securitization. The transaction, which ENSEC has structured for Tamweel, enjoys high prospective ratings and IFC has expressed a desire to invest in the mezzanine and junior tranches of the transaction.
ENSEC is a specialized structuring and advisory boutique focused on the securitization and structured products arena of the international capital markets. The Tamweel securitization is the second transaction structured by ENSEC, and represents a major milestone - promoting the ability of UAE-based institutions to tap into the international securitization capital markets. The senior most class of this offering are expected to receive ratings of Aa2 from Moody's Investors Service and AA from Fitch Ratings Limited. The transaction has been approved by Tamweel's Sharia'h Board. ENSEC shall work with Morgan Stanley and Standard Chartered Bank as Joint Managers and Bookrunners to ensure effective distribution of the offering.
ENSEC was created specifically to facilitate the development of the securitization markets in the UAE and the broader region. This is amongst the first of a series of securitization transactions that are currently being structured by ENSEC covering residential and commercial real estate and future operating cash flow.
H.E. Sultan Bin Sulayem said: "The vision to establish ENSEC was to introduce highly sophisticated financing products to the UAE and diversify the funding sources available to the broader commercial community. With this transaction - the second that ENSEC has structured we demonstrate the evolution of that vision. "
Khaled Al Kamda, Chairman of ENSEC, said: "We are very proud of what ENSEC has achieved with this landmark transaction. The Tamweel transaction represents an important step in the continuing development of the securitization market for the region and ENSEC is at the forefront of this."
Sandeep Chaudhry, CEO of ENSEC, said: "With the increasing financing needs of the region, and the ongoing international expansion of UAE based companies, securitization provides a sophisticated, attractive and diversified funding source that can be utilized to finance expansion across global business franchises."
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© Press Release 2007
