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Wednesday, 6 January 2021

CIB’s securitization streak

CIB is “very bullish” on the outlook for Egyptian securitized bonds and is planning to continue tapping the market, our friends at the leading private sector bank tell us. CIB wrapped 2020 with a combined EGP 12 bn-worth of successful securitized bond sales under its belt after most recently closing securitized bond issuances for GB Auto’s Drive Finance and another issuance for Arabia Investment Holdings’ Rawaj Finance worth a combined EGP 1.2 bn at the tail-end of the year. The bank acted as sole advisor, arranger, bookrunner, and custodian, as well as a co-underwriter and participant for the two issuances. In the 15 years since CIB introduced securitized bonds as a debt instrument to the market, “the bank has successfully concluded 47 transactions with a total market share of 75%.”

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