Cairo – Mubasher: One Finance, a leading non-banking financial institution (NBFI) in Egypt, has secured EGP 616 million from its inaugural securitisation bond offering.

The transaction marks the first of a larger bond programme that aims to reach a total value of EGP 3 billion, according to a press release.

The offering includes three tranches with varying tenors of 13, 36, and 48 months at an amount of EGP 131.80 million, EGP 328.90 million, and EGP 155.30 million, respectively.

All three issues received a P1 (SF) rating from the Middle East Rating & Investors Service (MERIS) Ratings.

Hazem Madany, CEO and Managing Director of One Finance, underlined that the company will use the proceeds from the issuance to back its strategic goal including fostering sustainable growth and profitability.

Through the offering, One Finance plans to expand its capabilities, introduce new products, enhance client purchasing power, and boost the product portfolio.

Amr Abdelmaksoud, the Chief Financial Officer (CFO) of One Finance, indicated that the company seeks to leverage the funds raised to diversify its product offerings and reinforce liquidity levels.

Commercial International Bank-Egypt (CIB) served as the sole financial advisor, transaction manager, book runner, and arranger.

Meanwhile, Arab African International Bank (AAIB) and Al Baraka Capital acted as underwriters as well as the custodian banks.

Dreeny & Partners provided legal advisory services, while Baker Tilly served as the auditor.

The subscribers to the issuance included AAIB, ABC Bank, Al Baraka Bank, CI Capital, and Arab African Investment Management (AAIM).