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Suez Canal Bank participates in 2 securitisation issuances worth EGP 200m - Daily News Egypt

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Suez Canal Bank participates in 2 securitisation issuances worth EGP 200m

The bank participated with EGP 100m in the securitisation issuance of Global Corp, in addition to another operation valued at EGP 95-100m in mortgage finance.


The Suez Canal Bank participated — with a value ranging from EGP 195m to EGP 200m — in the securitisation processes of two financial leasing and mortgage finance companies.

The bank participated with EGP 100m in the securitisation issuance of Global Corp, in addition to another operation valued at EGP 95-100m in mortgage finance.

The total value of Global Corp’s securitisation process for financial services is about EGP 985m.

Other banks participating in the processes include Banque Misr, the CIB, the Arab African International Bank, Ahli United Bank, Attijariwafa Bank Egypt, and First Abu Dhabi Bank.

The process is divided into three phases, with a EGP 118m-tranche disbursed after 13 months, a second tranche worth EGP 458m after 37 months, and a third tranche valued at EGP 409m after 60 months.

Misr Capital and CIB will act as financial advisers, arrangers, issue managers, and underwriting promoters, while Al-Derini & Partners will act as a legal adviser for the securitisation process.

In the past, the Suez Canal Bank participated in guaranteeing the coverage of securitisation bonds worth EGP 460m for Tamweel, a mortgage finance company.

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https://www.dailynewsegypt.com/2022/01/02/suez-canal-bank-participates-in-2-securitisation-issuances-worth-egp-200m/
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