Al-Ahly Pharos investment banking, the Investment banking arm of National Bank of Egypt announced today that it acted as the financial advisors, transaction lead arranger, and book-runner, for Al Ahly Securitization Company’s 2nd Securitization Issuance of the 6th Program valued at EGP 777 million secured by a portfolio worth EGP 920 million assigned by Al Ahly Tamkeen for Microfinance Services S.A.E.
Also, this transaction was carried out in cooperation with National Bank of Egypt, Banque du Caire, and Suez Canal Bank who acted as the transaction’s underwriters. While National Bank of Egypt acted as the placement agent and Suez Canal Bank acted as the custodian, While Matouk Bassiouny & Hennawy acted as the legal advisor, BakerTilly (Mohamed Hilal & Wahid Abdelghaffar) acted as the transaction’s auditor and MERIS “Middle East for Credit Rating and Investors Service”, acted as the credit rating agency for the issue.
The bond is comprised of 3 tranches rated by Middle East Rating Services (MERIS) as P1, P1, and A- respectively. The first tranche is worth EGP 252 million with a tenor of 6 months, the second is worth EGP 292 million with a tenor of 12 months, the third is worth EGP 233 million with a tenor of 21 months.
