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Monday, 13 February 2023

Raya’s Aman Financial Services issues EGP 400 mn in securitized bonds

Aman taps securitized market: Raya Holding’s non-banking financial services outfit Aman Financial Services issued EGP 403 mn in securitized bonds, kicking off an EGP 5 bn securitization program, it said in a statement to the EGX (pdf).

About the issuance: The issuance came in three tranches with tenors of 13, 36, and 56 months and ratings of Prime 1, AA, and A from Middle East Rating Services (MERIS). It was made by Raya’s securitization arm on behalf of Aman Financial Services and will help finance the company’s expansion plans in the first half of the year, Raya Holdings Chief Investment Officer Ahmed Nour Eldin confirmed to Enterprise last week.

Advisors: CI Capital acted as financial advisor and issuance arranger while CIB and the National Bank of Egypt were underwriters. Dreny and Partners acted as legal advisor and UHY Egypt acted as auditor.

The securitization market is picking up as 2023 progresses: Nearly EGP 5.8 bn worth of bonds have been sold so far in 2023, according to data tracked by Enterprise. Among other firms planning issuances for this quarter are EFG Hermes’ ValU and Contact Financial Holding. 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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