Contact Financial closes EGP 1.1 bn securitized bond issuance
Contact Financial has closed an EGP 1.076 bn securitized bond issuance for its consumer finance arms Contact Creditech and Contact Credit, it said in a statement (pdf). The three-tranche issuance was backed by a EGP 1.54 bn portfolio and was part of a EGP 10 bn securitization program, the statement notes.
Who bought in: Unspecified banking and non-banking institutional investors, the statement says, without providing further information.
Advisors: Contact Financial Holding was bookrunner, arranger, and underwriter for the issuance. The National Bank of Egypt, CIB, and Al Ahly Pharos also acted as promoters and underwriters. Alieldean Weshahi & Partners were counsel.
DATA POINT- That brings us to nearly 3x of last year’s securitization activity: Contact’s issuance brings the total value of securitized bonds brought to market to around EGP 43.9 bn, according to data tracked by Enterprise. That’s nearly threefold the amount of securitized bonds that were sold last year.