Arab Finance: Egyptian retailer for home appliances and electronics B.TECH has successfully concluded, in collaboration with the Commercial International Bank (CIB), the second securitization issuance worth around EGP 1 billion under an EGP 5 billion two-year securitization program, as per an emailed press release.
The offering consists of two tranches with different tenors, payment priorities, credit ratings, and interest rates, receiving credit ratings of P1/P1 (Prime one).
The CIB served as the exclusive financial advisor, issuance manager, general arranger, and underwriter of the transaction.
The Ahli United Bank and Al Baraka Capital for Financial Investments acted as the transaction’s guarantors.
The Egyptian Gulf Bank (EGBANK) was the custodian, Dreny and Partners Law Firm was the legal advisor, and Baker Tilly was the transaction’s auditor.