Al Ahly Pharos Investment Banking, the investment arm of the National Bank of Egypt, has successfully concluded its advisory role in the first securitization issuance under the sixth bond programme for Ahli Securitization Company. The issuance, valued at EGP 881.5m, was backed by a portfolio from Al Ahly Capital for Microfinance – Tamkeen.
This marks the third securitization transaction for Tamkeen and aligns with its broader strategy to strengthen funding channels and diversify financial instruments in support of expanding microfinance activities across Egypt.
Al Ahly Pharos served as lead manager, financial advisor, arranger, and promoter for the issuance. The National Bank of Egypt, Arab African International Bank, Suez Canal Bank, and Banque du Caire acted as underwriters. The transaction is backed by a portfolio of financial rights related to microfinance contracts, with a total value of approximately EGP 1.094bn, transferred from Tamkeen.
Arab African International Bank also acted as the placement agent, while Suez Canal Bank served as the custodian. Legal advisory was provided by Matouk Bassiouny & Hennawy, Baker Tilly was the auditor, and MERIS (Middle East Rating and Investors Service) assigned the credit ratings for the issuance.
The bond comprises five tranches with tenors of 6, 9, 12, 18, and 24 months, and respective values of EGP 210m, EGP 155m, EGP 135m, EGP 307m, and EGP 74.5m. The first three tranches received a credit rating of P1, while the fourth and fifth were rated A-.
Al Ahly Pharos continues to reinforce its position as a leading player in Egypt’s capital markets, offering integrated financial services across debt and equity capital markets, as well as in mergers and acquisitions. Backed by the strength and credibility of the National Bank of Egypt Group, the firm maintains a prominent role in investment banking, securities trading, research, asset management, and the structuring of innovative instruments such as securitization and sukuk.
