Arab Finance: Raya Holding’s non-banking financial services arm, Aman Financial Services, obtained the necessary approvals for the issuance of a three-year securitization program worth EGP 5 billion, under which first offering was closed at EGP 403.4 million, according to a press release on February 12^th.

The first issuance comprised three tranches, with maturities of 13, 36 and 56 months, has been assigned Prime 1, AA and A ratings from Middle East Rating Services (MERIS).

CI Capital served as the lead arranger of the issuance, while National Bank of Egypt and the Commercial International Bank (CIB) acted as the underwriters of the transaction.

Meanwhile, Dreny and Partners Law Firm acted as the legal counsel on the offering.

The issuance is expected to help Aman secure the financing required for its expansion plans, which are scheduled for the first half of 2023

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