Amer, Qasatli sell EGP 700 mn of asset backed securities: EFG Hermes has closed a EGP 700 mn sale of securitized bonds on behalf of four Amer Group companies and Omar Amer’s mortgage lender Qasatli, the investment bank said yesterday (pdf). The bonds were backed by EGP 911 mn of accounts and notes receivables, and the offering was oversubscribed. The issuance was segmented into three tranches, which were rated AA+, AA, and A by the Middle East Credit Rating and Investors Services (Meris). Amer was reportedly looking to sell EGP 607 mn of securities in the offering.

Yesterday’s offering was the first tranche of a larger EGP 6.5 bn program involving Amer and Qasatli that will be managed and promoted by EFG Hermes.

Advisers: EFG Hermes is acting as the sole arranger and financial advisor for the program. Arab African International Bank, CIB, and Suez Bank acted as underwriters, while CIB was custodian.

Meanwhile, four banks have snapped up Talaat Moustafa Group’s EGP 870 mn securitized bond issuance, Hapi Journal reports, citing sources close to the matter. CIB and Suez Canal bank purchased EGP 350 mn-worth of bonds each, while Banque du Caire signed on for EGP 105 mn and Abu Dhabi Commercial Bank took EGP 65 mn.

Advisors: EFG Hermes acted as financial advisor and managed the issuance, while CIB and Suez Canal Bank acted as guarantors.

What are securitized bonds, you ask? We’ve got the answer to that, here.