MNT-Halan wraps up $130M securitized bond issuance
Updated 11/2/2023 1:32:00 AM
Arab Finance: The first unicorn fintech in Egypt MNT-Halan has finalized five tranches of securitized bond issuances through its wholly-owned subsidiaries in consumer finance and microfinance in 2023, as per an emailed press release.
The most recent, which was received earlier this week via CI Capital for $130 million, comes after four from Commercial International Bank Egypt (CIB Egypt) earlier this year, with oversubscription for all issuances.
All the short-term tranches received Prime 1 rating from the Middle East Rating and Investor Service (MERIS), while the longer-term tranches varied in ratings that ranged from A to A+.
Al Ahli Bank of Kuwait, Al Baraka Bank, Arab African International Bank (AAIB), Arab African Investment Management, Midbank, Misr Asset Management, SAIB Bank, ABC Bank, Arab International Bank, Banque Misr, and the Housing and Development Bank were among the regional and local financial institutions that took part in the transactions, along with to CIB and CI Capital.
“We are seeing very strong demand for off-balance sheet funding as we enter 2024. This is primarily a result of the high quality of our underwriting. This gives us great comfort as our loan book of $650 million is growing at 4-5% month-over-month. We are excited to continue launching new digital financial products in Egypt and beyond,” Founder and CEO of MNT-Halan Mounir Nakhla said said.
CIB and CI Capital acted as general arrangers and financial advisors. As custodians and underwriters, CIB and Arab African International Bank were involved.
Hazem Hassan Consulting (KPMG) served as the auditor.
The bonds were securitized by GB for Securitization, while Maatouk, Bassiouny, and Hennawy acted as legal advisors.
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