Rawaj to issue EGP 308 mn in securitized bonds
Consumer finance company Rawaj is reportedly planning a EGP 308 mn issuance of securitized bonds in a sale arranged and managed by CIB, Al Mal reports, citing unnamed sources with knowledge of the matter. The issuance is awaiting approval from the Financial Regulatory Authority, and should be concluded by the end of January.
Rawaj would be the latest in a slew of businesses offloading receivables in the country’s hot securitization market, including Sarwa Capital, Palm Hills Development, CI Capital’s Corplease, GB Auto subsidiaries GB Lease and Drive Finance, Amer Group, and Talaat Moustafa Group.
OTHER DEBT NEWS-
Fawry has taken on a EGP 160 mn loan (pdf) from the Egyptian American Enterprise Fund.
Banque Misr’s NBFS arm BM Lease plans to expand into factoring and is looking to extend a total of EGP 2 bn worth of finance in 1Q2021, CEO Hisham Sheta told Al Mal.
CORRECTION- 18 January 2021
An earlier version of this story incorrectly said that BM Lease is the National Bank of Egypt’s NBFS arm.