One Finance, a state-owned consumer finance company in Egypt, has raised 616 million Egyptian pounds ($19.9 million) in its inaugural securitisation bond offering.

The offering comprised tranches with tenures of 13 months, 36 months and 48 months, raising EGP121.8 million, EGP328.9 million and EGP155.3 million, respectively.

The company, established in 2022 as a licensed consumer finance outfit by the Financial Regulatory Authority (FRA), intends to use the proceeds from the issuance to diversify its product portfolio and expand its capabilities, according to a statement.

Subscribers to the issuance included AAIB, ABC Bank, Al Baraka Bank, CI Capital and AAIM.

The company operates as a shareholding firm in partnership with Ayady for Investment and Development, Tamweely for Microfinance and Post for Investments.

All three tranches of the bond offering have a high level of credit quality, having earned a P1 (SF) rating from Egypt’s local credit rating agency, the Middle East Rating & Investors Service (MERIS) Ratings.

(Writing by Cleofe Maceda; editing by Brinda Darasha)