Al Ahly Pharos concludes advisory on Tamweel Mortgage’s EGP 1.695B securitized bond issue
Updated 12/24/2023 4:20:00 PM
Arab Finance: Al-Ahly Pharos Investment Banking has successfully wrapped up an advisory on Tamweel Mortgage’s third issuance of its first securitization program worth EGP 1.695 billion, as per an emailed press release.
The issuance is backed by a portfolio of leasing contracts worth EGP 3.1 billion, assigned by Tamweel Mortgage Company to Tamweel Securitization Company as the issuance’s special purpose vehicle (SPV).
Al Ahly Pharos and the Commercial International Bank (CIB) served as the transaction’s financial advisors, lead managers, and book-runners.
Al Ahly Pharos, CIB, National Bank of Egypt (NBE), Banque Du Caire, and Suez Canal Bank acted as the transaction’s underwriters.
CIB also served as the custodian and Banque Du Caire as the placement agent.
Dreny & Partners acted as the legal advisor, and Baker Tilly was the auditor of the transaction.
Middle East for Credit Rating and Investors Service (MERIS) was the provider of the credit rating for the issue.
The offering consists of five tranches; the first of which is worth EGP 311 million with a tenor of 25 months and received a rating of AA+ from MERIS, the second is valued at EGP 264 million with a tenor of 37 months with a rating of AA, and the third is worth EGP 678 million with a tenor of 61 months and a credit rating of AA-.
The fourth tranche is valued at EGP 319 million with a tenor of 84 months and received a credit rating of A from MERIS.
The fifth is worth EGP 123.2 million with a tenor of 108 months and a credit rating of A-.
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