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Tasaheel closes EGP 2.7B securitized bond issuance

Tasaheel closes EGP 2.7B securitized bond issuance

Arab Finance: Tasaheel, a subsidiary 57.26%-owned by GB Auto (AUTO), has securitized EGP 2.7 billion of its loan book with Commercial International Bank Egypt (CIB) (COMI), according to a statement filed to the Egyptian Exchange (EGX) on June 28th.

The proceeds will be used to boost growth and expansion, the company said.

The offering was oversubscribed by 2x, reflecting a diverse portfolio that includes 137,000 contracts. The issuance was divided into four tranches.

Among participants in the offering are Abu Dhabi Commercial Bank, Al Ahli Bank of Kuwait, Al Baraka Bank, Agricultural Bank of Egypt, and Housing and Development Bank (HD Bank) (HDBK).

CIB acted as financial advisor and general manager of the offering, while the National Bank of Egypt (NBE) was co-financial advisor and underwriter.

Arab African International Bank (AfIB) and NI Capital served as underwriters, with Maatouk, Bassiouny, and Hennawy acting as legal advisors.

Launched in August 2015, Tasaheel operates a nationwide network of more than 200 licensed branches across the country. It employs more than 6000 employees and has more than 500,000 active borrowers.

GB Auto is an Egypt-based automotive that operates in trading, distributing, and marketing all transportation means, including heavy trucks, semi-trucks, passenger cars, buses, agriculture tractors, and pick-ups.


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