Al Ahly Pharos concludes advisory on Al Ahly Securitization’s EGP 617.6M securitized bond issue
Updated 11/6/2023 3:47:00 PM
Arab Finance: Al Ahly Pharos Investment Banking has closed advisory on Al Ahly Securitization Company’s securitization issuance at a value of EGP 617.5 million, according to an emailed statement.
Backed by a portfolio of leasing contracts worth EGP 993 million assigned from United Finance, this marks the first issuance of Ahly Securitization’s fourth securitization program.
The bond consists of three tranches rated by Middle East Rating Services (MERIS) as AA+, AA, and A respectively.
The first tranche, valued at EGP 59 million, carries a tenor of 13 months, while the second is worth EGP 269 million with a tenor of 37 months and the third is worth EGP 289.5 million with a tenor of 60 months.
Al-Ahly Pharos acted as the financial advisor, transaction lead manager and arranger on the transaction.
Moreover, Al Ahly Pharos, National Bank of Egypt, Banque Du Caire, and Arab African International Bank served as the transaction’s underwriters.
Arab African International bank acted as the custodian, while Banque Du Caire served as the placement agent.
Meanwhile, Dreny and Partners was the legal advisor on the issuance, and Baker Tilly Egypt was the auditor
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