ArabFinance: Electronic and home appliances retailer B.TECH and Commercial International Bank Egypt (CIB) (COMI) announced the completion of securitization bonds issuance with a value of EGP 1.038 billion, according to an email statement on January 10th.
The issuance consists of three tranches with different payment priorities, credit ratings, and interest rates.
Each of the three tranches received a prime one (P1) rating.
This issuance is part of a short-term EGP 5 billion securitization issuance program over two years.
CIB acted as the exclusive financial advisor, issuance manager, general arranger, promoter, and co-underwriter of the transaction.
The National Bank of Egypt (NBE) and CIB served as the transaction custodian. Zulficar & Partners law firm acted as the legal advisor of the issuance, whereas Hazem Hassan Consulting (KPMG) worked as the transaction auditor.