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Wednesday, 8 February 2023

Raya’s Aman Financial Services to tap securitized market within weeks

Aman Financial Services is tapping the securitization market this month: Raya Holding’s non-banking financial services outfit, Aman Financial Services, will move forward with an EGP 400 mn securitized bond issuance after the Financial Regulatory Authority (FRA) gave it the greenlight, Raya Holdings Chief Investment Officer Ahmed Nour Eldin confirmed to Enterprise. Raya’s securitization arm, Aman Securitization, is issuing the bonds on Aman Financial’s behalf, he told us.

About the issuance: The issuance will include several tranches with tenures ranging from six months to five years and comes to finance the company’s expansion plans for the first half of the year.

A big year for Aman: Aman Holding is planning to make its EGX debut this year, after unfavorable market conditions last year forced it to delay its IPO.

Advisors: Aman tapped CI Capital to act as issuance arranger while CIB and the National Bank of Egypt are on board to manage the issuance. Dreny and Partners will act as legal advisor and UHY Egypt will act as auditor.

More securitization to come in 1Q: Among other firms planning issuances for this quarter are EFG Hermes’ ValU and Contact Financial Holding. Nearly EGP 1 bn worth of bonds have been sold so far in 2023, according to data tracked by Enterprise. Companies raised EGP 45.4 bn from securitized bond issuances in 2022, almost three times the EGP 15.8 bn sold the year prior.

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