CI Capital acted as financial adviser, issuance manager, and lead arranger in the issuance.
CI Capital (CICH.CA), the leading diversified financial services group, announced today the successful conclusion of the second securitized bond issuance worth EGP 859mn for Aman Financial Services as part of a 3-year program with a total value of EGP 5bn.
The issuance comes in 4 tranches: the first valued at EGP 275mn, with a tenor of 6 months, received a Prime 1 rating from Middle East Ratings and Investor Services (MERIS). The second tranche, valued at EGP 161mn, with a tenor of 9 months, also received a Prime 1 rating. The third tranche, valued at EGP 175mn, with a tenor of 13 months, received a rating of AA+. The fourth tranche valued at EGP 248mn, with a tenor of 24 months, received a rating of A.
“CI Capital continues to reinforce its stellar advisory track record with the conclusion of consecutive high-profile transactions, and our team has diligently worked towards solidifying CI Capital’s position as Egypt’s leading advisory house across ECM, DCM, and M&A. Our investment banking division has proven its leadership when it comes to debt issuances, having concluded several back-to-back issuances on behalf of both public and private sector entities across different industries,” Commented Amr Helal, Chief Executive Officer (Sell-Side) of the Investment Bank at CI Capital.
“The Egyptian debt capital market is poised for more future growth, amidst a positive market outlook and the support of the Financial Regulatory Authority, increased recognition of debt issuances as an important financial tool for companies, and a compelling investment opportunity for fixed income investors,” Commented Mohamed Abbas, Head of DCM at CI Capital.
“Moreover, Egypt’s consumer finance sector continues to grow, with a 43.1% y-o-y increase in financing during the first four months of 2023, and total clients increasing by 28.2% year-on-year as of April 2023, according to the latest data from the Financial Regulatory Authority,” Added Abbas.
CI Capital acted as financial adviser, issuance manager, and lead arranger in the issuance, while the National Bank of Egypt (NBE) and First Abu Dhabi Bank (FAB) played the role of underwriters. While Zaki Hashem & Partners acted as the legal advisor and United for Auditing, Tax, Advisory & Financial Services (UHY) acted as the issue’s financial auditor. Worth noting that during February, CI Capital had previously concluded the First Securitized Bond Issuance worth EGP 403.4 million for Aman Financial Services as Part of a Three-Year EGP 5bn program.