Al-Ahly Pharos investment banking a subsidiaries of Al-Ahly Financial Services Group, which represents the integrated investment arm of the National Bank of Egypt, announced that Al Ahly Pharos Debt Capital Market (DCM) team successfully closed Enmaa Financial Company first securitization issuance worth EGP 759 million secured by a portfolio of EGP 1.161 billion assigned to Al Ahly Securitization Company as the issuance’s special purpose vehicle (SPV) by Enmaa Finance Company, marking Al Ahly Securitization Company’s first issuance of the first program, whereby Al Ahly Pharos acted as the sole financial advisor, sole transaction manager and book-runner, and arranger of the issuance, and BDC as arranger of the issuance while Al-Ahly Pharos, National Bank of Egypt, Banque Du Caire and Arab African International Bank acted as the transaction’s underwriters. Arab African Bank acted as custodian and Banque Du Caire as the placement agent, Dreny & Partners acted as the legal advisor, and Baker Tilly as the auditor of the transaction, while MERIS "Middle East for Credit Rating and Investors Service", acted as the credit rating for the issue.
Ahmed Heider CEO & Managing Director of Al Ahly Pharos Investment Banking Group has expressed his contentment about the closure of the first issuance for Enmaa Financial Company which indicates the trust Al Ahly Pharos has between its clients within the DCM market and this issuance articulates the precedence of the company within the securitization market. Heider also highlighted the company's aspiration to expand in the DCM field, and to continue to strengthen its leadership and precedence through all advisory services provided by the company, whether in debt capital markets or equity capital markets.
In the same regard, Amir Sherif the Managing Director and Head of the DCM at Al Ahly Pharos has conveyed his outmost pride with this issuance, as it is the first issuance of Al-Ahly Securitization Company, which comes within a series of programs worth about EGP 12bn, which will be issued successively during the coming period for several companies in various fields. He also expressed his gratitude to all parties involved in the securitization process for their efforts for the success of the issuance.
The bond was fully covered through a subscription of National Bank of Egypt, Faisal Islamic Bank, Banque Du Caire, Arab African International Bank, ABC Bank & AttijaraWafa Bank Egypt. The bond is comprised of three tranches rated by Middle East Rating Services (MERIS) as (AA+), (A+) and (A) respectively. The first tranche is worth EGP 105 million with a tenor of 13 months, the second is worth EGP 378 million with a tenor of 37 months while the third is worth EGP 276 million with a tenor of 56 months.
In that regard, Haitham Farghal the Managing Director of Al Ahly Securitization said that the company’s team has successfully concluded our first issuance during the first half of 2023 and that the company is planning to expand its issuances in the upcoming period.
About Al-Ahly Pharos Investment Banking S.A.E.
Al Ahly Pharos Investment Banking is a leading investment bank operating in both Debt Capital Markets, Equity Capital Markets, as well as mergers and acquisitions sector in Egypt, providing clients with fully integrated financial services capitalizing on Al Ahly Financial Services group.
Al Ahly Pharos Investment Financial Services is a subsidiary of Al Ahly Financial Services, and it is the investment bank of the National Bank of Egypt Group, offering a fully integrated financial services, with a leading market position in investment banking, brokerage and research, asset management, and Debt capital markets.
About Enmaa Finance Company
Enmaa Finance Company was founded in 2015 as a joint stock company under The Islamic Corporation for the Development of the Private Sector (ICD), Arab Investment Bank (AIBK) and Ayady for Investment and Development Company.
Enmaa Finance Company providing Shari’a compliant leasing and factoring solutions for a wide variety of businesses through improving business cash flow and financing commercial and administrative real estate, transportation, IT equipment, industrial equipment, used equipment sales, and upgrading, expanding or purchasing of new production lines and machinery.
