Back to the complete issue
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.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.