AUR Capital has announced that it has acted as the advisor in the process of issuing securitized bonds at a value of EGP 790m, in cooperation with Al-Ahly Pharos to promote and cover IPOs.
The issuance comes with the guarantee of the portfolio transferred from the AUR Financial Leasing and Factoring Company, which is secured by a portfolio of deferred financial rights for financial leasing contracts worth about EGP 1.112bn.
The issuance was covered by the National Bank of Egypt, Banque Misr, and Al-Ahly Pharos. Banque Misr also received the subscription and acted as the custodian. Ali El-Din Weshahi “ALC” and their partners for law and legal advice acted as the legal advisor for the offering, and Hazem Hassan KPMG Corporation as the auditor. The Middle East Credit Rating and Investor Service Company “MERIS” granted the credit rating for the issuance.
Ashraf Salman, Chairperson of AUR Capital, expressed his pride in completing the first issuance of securitization bonds for the benefit of AUR Securitization Company, by guaranteeing the portfolio transferred from AUR Financial Leasing and Factoring Company, in partnership with Al-Ahly Pharos for promotion and underwriting, pointing out that this joint work will open more prospects for cooperation between the two institutions, in addition to consolidating the presence of AUR Leasing and Factoring Company in the sector in which it operates in the Egyptian market.
In the same context, Abdulaziz El-Sherbiny, CEO of AUR Capital, confirmed that the success of the securitization process and the participation of many major entities in it, such as the National Bank of Egypt, the Commercial International Bank, Banque Misr, The United Bank, the Arab Banking Corporation, and Attijariwafa Bank, by subscribing to the issuance is an affirmation of investors’ confidence in the strength of the company’s business model, as well as the great successes achieved by AUR Leasing and Factoring Company over the years since its inception.
He added that the issuance comes in support of the growth plans of the AUR Leasing and Factoring Company, and he also expressed his pride in the company’s current work team for the enormous efforts it made to ensure the success of the subscription process, which comes as a continuation of the company’s success story in its activities.
Ahmed Haidar, CEO and Managing Director of Al-Ahly Pharos, indicated that the issuance comes in light of the close relationship with AUR Capital.
This issuance comes in three tranches, the value of the first tranche amounts to EGP 372m with a duration of 24 months, the second tranche amounts to EGP 230m with a duration of 37 months, while the value of the third tranche amounts to EGP 188m with a duration of 52 months.
The three tranches obtained outstanding credit ratings from Meris Credit Rating Company, as the first tranche received an AA+ rating, the second an AA rating, and the third an A rating.
