Sarwa closes EGP 1.15 bn securitization bond issue, has EGP 500 mn issue in the pipeline
Sarwa Capital announced that Sarwa Securitization has closed an EGP 1.15 bn issue of securitization bonds. The bonds are backed by the portfolios of Contact Auto Credit and its affiliate companies. “The bonds consist of three tranches with tenors of 1, 3 and 5 years and received high ratings of ‘AA+,’ ‘AA,’ and ‘A’ respectively by Middle East Ratings and Investors Service (Meris). Sarwa Promoting & Underwriting acted as Lead Manager and Financial Advisor on the transaction. The issue was fully underwritten and arranged by Banque Misr and CIB with Banque Misr acting as Bookrunner,” the statement noted. Sarwa says a new issue of over EGP 500 mn is expected soon.
In other news from our friends at Sarwa, the firm’s insurance subsidiary Contact opened an office in Assiut to provide residents there with a range of financial products, including insurance, leasing, auto and real estate financing, the company said in a statement on Wednesday (pdf).