AUR Capital, a financial consulting company and a subsidiary of AUR Capital Financial Group, has successfully completed the first issuance of the second programme for AUR for Securitization on behalf of Waseela, a micro, small, and medium enterprise (MSME) finance company. The issuance was done in collaboration with several partners, including the Arab African International Bank, CI Capital, El Darrini & Partners for legal consultations, and KPMG.
The issuance consists of two tranches with a total value of EGP 255m. The first tranche has a value of EGP 168m and a maturity period of 6 months, while the second tranche has a value of EGP 87m and a maturity period of 11 months. Both tranches have received a P1 credit rating from MEIRS Middle East Credit Rating and Investor Services, which is the highest rating from the company.
Ashraf Salman, the Chairperson of AUR Capital Financial Group, expressed his satisfaction with the group’s role in the issuance, which reflects its track record in completing Tawarruq transactions. He emphasized the group’s commitment to providing innovative financial solutions that support the economic development and the MSME finance sector in Egypt.
Abdul Aziz Al-Sharbiny, the CEO of AUR Capital Group, considered this a success for the consultancy company, as it managed this issuance after two other issuances for leasing companies with a total value of EGP 1.89bn in the previous six months.
Mohamed Gomaa, the Managing Director of Waseela, praised the support of the Egyptian Financial Regulatory Authority, which enhanced the position of debt issuances as a source of liquidity and financing for companies. He confirmed that the first issuance was oversubscribed by financial institutions and investors, reflecting the market’s interest and capacity for more securitization bond issuances for MSME finance companies.
Rasha El-Husseini, the Managing Director of AUR Consultancy, explained that this issuance is part of a EGP 2bn securitization program, and that the company plans to execute several issuances in the near future.