Egypt - CI Capital has completed a securitization bond issuance for Aman Securitization, with Aman Consumer Finance as the originator and portfolio manager. This issuance, valued at EGP 1.04bn, is the fourth within the first program, spanning three years and totalling EGP 5bn.

The issuance is divided into four tranches:

  • First tranche: EGP 493m, maturity of 6 months.
  • Second tranche: EGP 246m, maturity of 9 months.
  • Third tranche: EGP 165m, maturity of 13 months.
  • Fourth tranche: EGP 136m, maturity of 24 months.

These tranches have received high credit ratings from MERIS, with the first and second tranches rated Prime 1, and the third and fourth tranches rated A.

Amr Helal, CEO of Sell-side Investment Banking at CI Capital, noted this as the fourth issuance with Aman Group, following three issuances in 2023 totalling EGP 2.41bn.

Mohamed Abbas, Head of Debt Capital Markets at CI Capital, stated that the Financial Regulatory Authority facilitated the financial rights transfer for Aman Consumer Finance, involving a shared portfolio with the third issuance from December 2023.

Hossam Hussein, Chairperson of Aman Securitization and CFO of Raya Holding Group, remarked on the company’s strong financial position and diverse financial instruments.

Hazem Magazy, Chairperson of Aman Consumer Finance and Managing Director of Aman Holding, mentioned this issuance aligns with the strategic plan to be a comprehensive financial services leader.

Hazem Moghazy, CEO of Operations and Commercial Affairs at Aman Holding, emphasized the company’s strategy to use various capital market instruments to create investor opportunities, supported by the Financial Regulatory Authority’s frameworks.

Moghazy also indicated the fifth issuance is planned for the third quarter of this year, reflecting the company’s portfolio growth and investor confidence.

Ali El Mourly, CFO of Aman Holding, expressed pride in the collaborative efforts leading to the issuance’s success, supporting the company’s strategic plan and funding diversification.

CI Capital served as the financial advisor, arranger, general coordinator, issuance manager, and subscription promoter. The National Bank of Egypt and the Arab African International Bank underwrote the issuance, with the National Bank of Egypt also acting as the custodian and subscription recipient bank. Zaki Hashem & Partners provided legal advisory services.

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