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Thursday, 7 November 2019

EFG Hermes, NBE conclude Al Taamir securitized bond issuance

DEBT WATCH- EFG Hermes, NBE conclude largest securitized issuance yet on EGX: EFG Hermes and the National Bank of Egypt have completed a second securitized bond issuance for Al Taamir Securitization. The issuance reportedly includes five tranches backed by a EGP 6 bn receivables portfolio held by the New Urban Communities Authority, making the issuance the largest ever securitized offering in Egypt. The European Bank for Reconstruction and Development took up EGP 1 bn of the issuance, making it the first time an international financial institution has participated in a local offering of this type.

In related news: GB Auto’s consumer finance arm Drive has completed a EGP 425 mn securitized bond issuance, according to a regulatory filing (pdf). The issuance was the first securitized bond offering by a factoring company in Egypt. Proceeds will be used to deleverage the balance sheet and unlock future expansion plans. Capital Securitization Co. was the issuer, while CIB and the Arab African International Bank acted as joint lead managers and joint bookrunners.

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