Tasaheel Microfinance, CIB issue EGP 3.3B securitized bonds
Updated 8/1/2023 9:15:00 AM
Arab Finance: Tasaheel Microfinance and the Commercial International Bank (CIB) have issued securitized bonds worth EGP 3.34 billion over four tranches with different tenors, interest rates, and credit ratings, Ahram Gate reported on July 31st.
The first, second, and fourth tranches received credit ratings of P1, whereas the third one has an A+ rating.
The issuance was 1.8x oversubscribed by several banks and investment funds, CIB’s Debt Capital Market Head Menan Awadallah said.
She added that this marks the third issuance within a three-year multiple-issuances EGP 13 billion securitization program launched back in 2022.
CIB acted as the financial advisor, transaction manager, and custodian in the issuance, while Matouk Bassiouny & Hennawy was the legal advisor and KPMG acted as the auditor.
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