Commercial International Bank – Egypt (CIB) has completed the second issuance of securitization bonds for One Finance, valued at EGP 679m.
The issuance was structured into three tranches, with maturities of 12, 24, and 36 months. All three tranches received an outstanding credit rating of P1/AA/A from the Middle East Rating and Investor Services (MERIS).
This transaction is part of a three-year reserve registration program valued at EGP 3 billion. The subscription for the bonds was oversubscribed, with demand reaching 1.7 times the amount issued, reflecting strong interest from several banks.
Amr El-Ganainy, Deputy CEO and Executive Board Member at CIB, commented: “We are pleased to collaborate with One Finance on this deal. This partnership underscores our commitment to delivering tailored financial solutions that meet the evolving needs of our clients. Our role as advisors and coordinators in this issuance highlights our dedication to fostering innovation and building strong partnerships that drive growth.”
Heba Abdel Latif, Head of the Financial Institutions Sector at CIB, said: “We are delighted to complete the second securitization transaction for One Finance, showcasing seamless coordination between all parties involved. This issuance is a testament to investor confidence in Egypt’s consumer sector, which presents promising opportunities for both investors and the economy.”
Jilan El-Seginy, Head of the Bonds and Syndicated Loans Management Group at CIB, noted: “We are thrilled to partner with One Finance again, especially in a larger and more comprehensive lending arrangement. The Bank is proud to have facilitated its first securitization issuance in 2023.”
CIB played a pivotal role in this transaction, acting as the financial advisor, lead manager, arranger, and promoter of the issuance, as well as a co-underwriter for the subscription. Other key participants in the offering included CI Assets Management, Arab Banking Corporation, and Arab African International Investment Management. Drini & Partners served as the legal advisor, while Baker Tilly – Mohamed Hilal & Wahid Abdel Ghaffar acted as auditors.
