Contact Financial Holding closes 1st securitization issuance of 2024
Updated 5/8/2024 3:20:00 PM
Arab Finance: Contact Financial Holding has unveiled the closure of the first securitization bonds issue in 2024, which was issued by Sarwa Securitization at a total value of EGP 1.04 billion and backed by a consumer finance portfolio generated by Contact Credit, its subsidiaries, and sister companies, as per an emailed press release.
This marks the company’s 44th securitization issuance so far, bringing the total value of securitized bonds issued by Contact to EGP 28.3 billion to date.
The issuance is divided into three tranches with different maturities varying from 13 to 60 months and received AA+, AA, and A credit rating by Middle East Ratings and Investors Service (MERIS).
Contact Financial Holding acted as the issuance manager, promoter, and underwriter.
Arab African International Bank, Banque Du Caire, CI Capital, and Al Ahly Pharos served as underwriters as well.
Al Ahli Bank of Kuwait - Egypt was the major subscriber along with several money market funds.
Arab African International Bank was the custodian, while Banque Du Caire acted as the placement agent.
Ali El Din Weshahy (ALC) was the legal counselor, whereas KPMG served as the financial auditor.
“The success of this issuance is a strong testament to Contact's unwavering commitment to providing its customers with the best financial solutions, even in the face of economic challenges,” CEO of Contact Financial Holding Said Zater commented.
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