Key Factors
- CI Capital accomplished an $80 million securitized bond issuance for Tasaheel Finance, reinforcing its position in Egypt’s non-banking monetary sector.
- The bond’s first tranche, valued at $28.4 million, obtained a Prime 1 score, underscoring the energy of the underlying property.
- This issuance is Egypt’s largest non-sovereign securitization bond, attracting 60% of funding from non-traditional banking asset managers.
CI Capital, the main diversified monetary providers group, led by Egyptian tycoon Mahmoud Attalla, has efficiently accomplished an $80 million securitized bond issuance for Capital for Securitization. This marks the third collaboration with Tasaheel Finance, solidifying CI Capital’s pioneering position in Egypt’s burgeoning non-banking monetary sector.
Tasaheel completes six-tranche bond sale
The six-tranche bond issuance is underpinned by property from Tasaheel, which served because the originator of the portfolio. The primary tranche, valued at EGP1.394 billion ($28.4 million), includes a six-month tenor, whereas the second and third tranches are valued at EGP666 million ($13.6 million) and EGP569 million ($11.61 million), with respective tenors of 9 and twelve months.
Every of those preliminary tranches obtained a Prime 1 score—the very best potential grade from Center East Scores and Investor Providers (MERIS)—highlighting the robustness of the underlying property.
The next tranches embody a fourth valued at EGP 763 million ($15.6 million) with an 18-month tenor, a fifth at EGP 296 million ($6.05 million) with a 24-month tenor, and a sixth at EGP 231 million ($4.7 million) with a 31-month tenor, all rated A-.
New milestone for CI Capital and Tasaheel
Amr Helal, CEO of CI Capital’s Funding Banking division, hailed the transaction as a major milestone within the agency’s partnership with Tasaheel. “With this transaction, CI Capital has now issued three securitization bonds for Tasaheel, totaling EGP 10.8 billion ($220 million), strengthening our strategic position in increasing monetary inclusion,” Helal acknowledged.
Mohamed Abbas, Head of Debt Capital Markets at CI Capital, emphasised the importance of the issuance. “This marks Egypt’s largest non-sovereign securitization bond,” he famous. “Roughly 60 p.c of the bond attracted funding from asset managers outdoors conventional banking, underscoring CI Capital’s dedication to diversifying our investor base,” he added, pointing to the agency’s ambitions in regional debt issuance.
On this transaction, CI Capital assumed a number of roles, together with monetary advisor, issuance supervisor, book-runner, and lead arranger, with Russell Bedford serving as monetary auditor and Matouk Bassiouny & Hennawy as authorized counsel.
Main monetary options for Egypt
Beneath the steerage of Chairman and CEO Mahmoud Attalla, CI Capital has transitioned from a core funding financial institution to a diversified monetary powerhouse, providing providers in leasing, microfinance, and a full suite of monetary options throughout Cairo, New York, and Dubai. Acknowledged as Egypt’s “Finest Funding Financial institution” by EMEA Finance for 4 consecutive years, CI Capital has expanded its affect, with Attalla holding a 0.035 p.c stake within the firm.
The partnership with Tasaheel aligns with Egypt’s nationwide agenda for monetary inclusion, enhancing sustainable finance for micro-enterprises and underserved communities. This issuance additional consolidates CI Capital’s management in debt issuance, catering to the rising demand from native and regional buyers.
