Al-Ahly Pharos has announced that its team successfully closed Enmaa Finance Company’s first securitization issuance worth EGP 759m secured by a portfolio of EGP 1.161bn.
Al-Ahly Pharos acted as the sole financial advisor, sole transaction manager, book-runner, and arranger of the issuance, and BDC as arranger of the issuance, while Al-Ahly Pharos, National Bank of Egypt, Banque Du Caire, and Arab African International Bank acted as the transaction’s underwriters. Arab African Bank acted as custodian and Banque du Caire as the placement agent, Dreny & Partners acted as the legal advisor, and Baker Tilly as the auditor of the transaction, while Middle East for Credit Rating and Investors Service (MERIS) acted as the credit rating for the issuance.
Ahmed Heider, CEO and Managing Director of Al Ahly Pharos, has expressed his contentment about the closure of the first securitization issuance for Enmaa Finance which indicates the trust Al Ahly Pharos has between its clients within the Debt Capital Market (DCM). He added that this issuance articulates the precedence of the company within the securitization market. Heider also highlighted the company’s aspiration to expand in the DCM field, and to continue to strengthen its leadership and precedence through all advisory services provided by the company, whether in debt capital markets or equity capital markets.
Amir Sherif, the Managing Director and Head of the DCM at Al-Ahly Pharos, has conveyed his utmost pride with this issuance, which comes within a series of issuances worth about EGP 12bn, which will be issued successively during the coming period for several companies in various fields. He also expressed his gratitude to all parties involved in the securitization process for their efforts for the success of the issuance.
The issuance was fully covered through a subscription of National Bank of Egypt, Faisal Islamic Bank, Banque Du Caire, Arab African International Bank, ABC Bank, and Attijariwafa bank Egypt. The issuance was comprised of three tranches rated by MERIS as AA+, A+, and A respectively. The first tranche was worth EGP 105m with a tenor of 13 months, the second was worth EGP 378m with a tenor of 37 months, while the third was worth EGP 276m with a tenor of 56 months.
Haitham Farghal, the Managing Director of Al-Ahly Securitization, said that the company’s team has successfully concluded its first issuance during the first half of 2023 and that the company is planning to expand its issuances in the upcoming period.