CI Capital (CICH.CA), the leading diversified financial services group, announced today the successful conclusion of an EGP 1.1 bn securitized bond issuance on behalf of Al Taamir Securitization, the originator of Al Taamir for Leasing and Factoring CO – Al Oula.
The issuance comes in three tranches: the first valued at EGP 196 mn, with a tenor of 13 months at an AA+ rating from Middle East Ratings and Investor Services (MERIS). The second tranche, valued at EGP 593 mn, with a tenor of 37 months, received an AA rating. The third tranche, valued at EGP 419 mn, with a tenor of 53 months, received a rating of A.
“Investors’ increased appetite for debt issuances as a source of diversification and investment into attractive yield products and the continued increase in awareness among companies regarding the flexible financing solutions that these issuances avail, have all contributed to a sustainable growth in the Egyptian debt capital market. CI Capital as a leading player in the space will continue to play a leadership role in further developing the breadth and depth of the market with innovative structures and solutions for issuers and investors,” Stated Amr Helal, Chief Executive Officer (Sell-Side) of the Investment Bank at CI Capital.
“CI Capital looks forward to continuing its DCM momentum and continuing to reinforce its leadership across all advisory spectrums whether ECM, DCM or M&A,” Added Helal.
“CI Capital’s team successfully executed 3 debt issuances since the beginning of 2023, as the company continues to build a healthy deal pipeline and reinforce its leadership in this space. With the recent uptick across multiple sectors, specifically real estate development and non-banking financial services, CI Capital looks forward to ramping up its activity in debt issuances and introduce new issuers to the market. The team’s track record is built on playing active roles in most of non-sovereign issuances in Egypt since inception, and CI Capital’s leadership position acts as a catalyst to grow our involvement even further,” Commented Mohamed Abbas, Head of DCM at CI Capital.
CI Capital acted as the financial adviser, the issuance manager, and the lead arranger in the issuance, while Banque du Caire and Arab African International Bank played the role of underwriters and promoters. Banque du Caire acted as the subscription reception entity, while Dreny and partners acted as the legal advisor and Baker Tilly acted as the issue’s financial auditor.