Al Ahly Pharos Investment Banking, the investment banking arm of the National Bank of Egypt, announced that it has successfully acted as the financial adviser, lead arranger, underwriter and book-runner for Capital Securitization Company’s first securitisation issuance under its 19th programme, valued at EGP 2.89bn.
The issuance is backed by a receivables portfolio worth EGP 3.2bn assigned by Tasaheel for Financing S.A.E.
The transaction was completed in cooperation with several participating banks and investment funds. Al Ahly Pharos served as the transaction’s underwriter alongside Bank NXT, Al Ahli Bank of Kuwait and MIDBANK, which participated as subscribing banks and funds.
Bank NXT acted as the placement agent, while EG Bank served as the custodian. Matouk Bassiouny & Hennawy acted as the legal adviser, Baker Tilly (Mohamed Hilal & Wahid Abdelghaffar) served as the auditor, and MERIS (Middle East for Credit Rating and Investors Service) acted as the credit rating agency for the issuance.
The bond issuance consists of a single tranche valued at EGP 2.89bn, carrying a 13-month tenor. It received an A- credit rating from MERIS.
