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Thursday, 26 August 2021

Debt market welcomes Raya’s Aman

Raya subsidiary Aman completed the issuance of EGP 585 mn in securitized bonds, according to a statement (pdf) from the National Bank of Egypt (NBE), which acted as co-lead manager on the transaction alongside our friends at CIB. While details of the sale were not noted in the statement, Raya CFO Hossam Hussein had reportedly told Al Borsa earlier this year that the sale would be split into tranches with tenors ranging from six months to over five years. Ahmed NourEldin Hassan, Raya’s head of corporate finance and investment, told us at the time that the issuance would be a traditional offering of securitized bonds that receive a credit rating and are taken to market through an SPV.

Advisors: CIB and the National Bank of Egypt were lead managers and promoters for the transaction.

In good company: Aman now joins upmarket developer SODIC, Palm Hills Development, Premium International and Arabia Investments Holding subsidiary Rawaj in having sold asset-backed securities this year. Prior to this transaction, firms had issued around EGP 2 bn this year.

Who’s still in the market? Sodic, Contact Financial Holding, Edge Holding, Tamweel Holdings and NUCA’s Al Taamir for Securitization have all reportedly planned to securitize parts of their portfolios in the coming months. The FRA said late last year that five companies would issue bonds worth EGP 9.3 bn in the near future.

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