Cairo - Mubasher: Al Ahly Securitization Company closed its second securitization issuance at EGP 777 million under its sixth program, according to a press release.

The offering is secured by a portfolio worth EGP 920 million assigned by Al Ahly Tamkeen for Microfinance Services.

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

The bond is comprised of three tranches rated by Middle East Rating Services (MERIS) as ‘P1’, ‘P1’, and ‘A-‘, respectively.

The first tranche is valued at EGP 252 million, with a tenor of six months. Meanwhile, the second auction stood at EGP 292 million with a tenor of 12 months

With a tenor of 21 months, the third offering is valued at EGP 233 million.

The transaction was implemented in cooperation with NBE, Banque du Caire, and Suez Canal Bank, who acted as the transaction’s underwriters.

The NBE acted as the placement agent, and Suez Canal Bank acted as the custodian. Matouk Bassiouny & Hennawy was the legal advisor.

BakerTilly served as the transaction’s auditor, whereas MERIS was the credit rating agency for the issue.

Earlier this month, Al Ahly Pharos Investment Banking acted as financial advisor for Capital for Securitization Company’s fourth securitization issuance at a value of EGP 3.52 billion.