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Sunday, 20 March 2022

Al Ahly Leasing closes its first securitized bond issuance

Al Ahly Pharos closed a EGP 747.5 mn securitized bond issuance on behalf of the National Bank of Egypt’s (NBE) Al Ahly Leasing and Factoring Company, Al Ahly Pharos CEO Ahmed Heider confirmed to Enterprise. The three-tranche issuance, which was backed by EGP 910 mn in leasing contract receivables, was Al Ahly Leasing and Factoring’s first securitized bond sale. The tranches are rated A through AA+ by the Middle East Ratings and Investors Service.

Who bought? The Arab Investment Bank and NI Capital, Heider told us.

Advisors: Al Ahly Pharos acted as the financial advisor, lead manager, arranger, and underwriter for the issuance. NBE, Banque du Caire, Suez Canal Bank, and Attijariwafa Bank Egypt were also underwriters for the sale. Dreny and Partners acted as advisor for the issuance, KPMG Hazem Hassan was auditor.

Egyptian issuers have sold around EGP 9.2 bn worth of securitized bonds since the start of 2022, by our count. That’s already 58% of the total value of EGP 15.8 bn taken to market last year in 19 issuances.

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