Al Ahly Pharos closes advisory on Capital Securitization’s $99mln securitization issue

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Al Ahly Pharos Investment Banking has concluded advisory on Capital Securitization Company’s EGP 5.05 billion non-sovereign securitization issuance, according to a press release.

The offering marks Capital Securitization’s 1st securitization issuance of the 12th program secured by a portfolio of EGP 6.4 billion assigned by Tasaheel Finance Company.

Al Ahly Pharos, the Investment banking arm of the National Bank of Egypt (NBE), acted as a financial advisor, transaction lead manager, and book-runner.

This transaction was implemented in cooperation with NBE, Arab African International Bank, and Suez Canal Bank who acted as the transaction’s underwriters. Other banks that participated in the issuance include Bank NXT, ABK, and Ebank.

Arab African International Bank acted as the placement agent and Commercial International Bank (CIB) acted as the custodian.

NBE acted as the arranger and Matouk Bassiouny was the legal advisor, while Middle East for Credit Rating and Investors Service (MERIS) acted as the credit rating agency for the issue.

The bond is comprised of six tranches rated by MERIS as P1, P1, P1, A-, A- and A- respectively.

The first tranche was valued at EGP 1.225 billion with a tenor of six months, whereas the second stood at EGP 830 million with a tenor of nine months.

The third tranche amounted to EGP 830 million with a tenor of 12 months and the fourth totaled EGP 1.235 billion with a tenor of 18 months.

The fifth tranche stood at EGP 550 million with a tenor of 24 months and the sixth one was valued at EGP 380 million with a tenor of 32 months.