CI Capital, the leading diversified financial services group, announced Sunday the conclusion of EGP 3.919bn securitised bond issuance for Capital for Securitization, on behalf of Tasaheel Finance, who acted as the originator of the portfolio.
The issuance comes in six tranches: the first valued at EGP 1.394m, with a tenor of 6 months, the second tranche, valued at EGP 666m, with a tenor of 9 months. The third tranche, valued at EGP 569m, with a tenor of 12 months, the first three tranches received a Prime 1 rating from Middle East Ratings and Investor Services (MERIS), the highest credit rating. While the fourth tranche, valued at EGP 763m, with a tenor of 18 months, the fifth tranche, valued at EGP 296m, with a tenor of 24 months, and the sixth tranche, valued at EGP 231m, with a tenor of 31 months all received a rating of A-.
“With this completion, CI Capital has successfully concluded to date three securitization bond issuances for Tasaheel with a total value of EGP 10.78bn, which demonstrates our solid partnership with Tasaheel, a leading company operating in non-banking financial services. CI Capital is proud to further deepen its strategic collaboration with Tasaheel, one of CI Capital’s key partners in success,” said Amr Helal, CEO (Sell-Side) of the Investment Bank at CI Capital.
“We are proud to announce the successful completion of the largest non-sovereign securitization bond issuance in Egypt’s market history, this issuance marks Tasaheel’s third sustainable bond issuance. Nearly 60% of this issuance was covered by asset managers beyond the banking sector, which reflects CI Capital’s commitment to diversifying its investor base. CI Capital continues to solidify its leadership position and further expand its debt issuance services locally and regionally,” said Mohamed Abbas, Head of DCM at CI Capital.
CI Capital acted as the financial advisor, issuance manager, book-runner and lead arranger, while Russell Bedford acted as the financial auditor, and Matouk Bassiouny & Hennawy (MBH) acted as the issuance’s legal advisor.
