Rawaj completes EGP 308 mn securitization
Arabia Investments Holding’s (AIH) consumer finance subsidiary Rawaj completed a EGP 308 mn securitized bond issuance, AIH said in a bourse filing on Thursday (pdf). The bonds were backed by accounts and notes receivables. The issuance was segmented into three tranches, which were rated AA+, AA, and A by Meris. The sale was arranged and managed by CIB. Rawaj is 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.
IN OTHER DEBT NEWS- CI Capital’s consumer finance arm Souhoola is looking to raise a EGP 100 mn line of credit with state banks as part of its efforts to up its portfolio to EGP 300 mn this year, Souhoola Managing Director Hazem Madani tells Al Mal.