CI Capital closes EGP 3.9B securitized bond issuance for Tasaheel Finance

Updated 11/3/2024 2:35:00 PM

Arab Finance: CI Capital has successfully concluded a securitized bond issuance worth EGP 3.919 billion for Capital for Securitization, on behalf of Tasaheel Finance, which served as the originator of the portfolio, according to an emailed press release.

The bond was issued in six tranches, with the first valued at EGP 1.394 million and a tenor of six months, and the second tranche worth EGP 666 million, carrying a tenor of nine months. The third tranche, valued at EGP 569 million, has a tenor of 12 months.

The first three tranches received a Prime 1 rating from Middle East Ratings and Investor Services (MERIS), the highest credit rating.

The fourth tranche, valued at EGP 763 million, has a tenor of 18 months and the fifth tranche is worth EGP 296 million, with a tenor of 24 months, with the sixth tranche, valued at EGP 231 million, having a tenor of 31 months. These three tranches received a rating of A- from MERIS.

“With this completion, CI Capital has successfully concluded to date three securitization bond issuances for Tasaheel with a total value of EGP 10.78 billion, which demonstrates our solid partnership with Tasaheel, a leading company operating in non-banking financial services,” Amr Helal, Chief Executive Officer (Sell-Side) of the Investment Bank at CI Capital, said.

“Nearly 60% of this issuance was covered by asset managers beyond the banking sector, which reflects CI Capital’s commitment to diversifying its investor base. CI Capital continues to solidify its leadership position and further expand its debt issuance services locally and regionally,” Mohamed Abbas, Head of DCM at CI Capital, noted.

CI Capital acted as the financial advisor, issuance manager, bookrunner, and lead arranger, while Russell Bedford served as the financial auditor.

Matouk Bassiouny & Hennawy (MBH) was the issuance's legal advisor.