Arab Finance: Al-Ahly Pharos Promotion and Underwriting Company completed the issuance of securitization bonds worth 5 billion pounds for the benefit of Tasahil Finance Company, and Al-Ahly Pharos Company assumed the role of issuance manager, financial advisor, arranger and promoter of the issuance.
Al-Ahly Pharos Company, the National Bank of Egypt, the Arab African International Bank, and the Suez Canal Bank guaranteed subscription coverage for the issue, which is secured by a portfolio of future financial rights for microfinance contracts worth approximately 6.4 billion pounds, referred by Tasahil Finance Company.
A number of banks also subscribed to the issue, including Next Commercial Bank, the National Bank of Kuwait, and the Egyptian Export Development Bank, in addition to many investment portfolios and funds.
The Arab African International Bank also played the role of underwriter, the Commercial International Bank played the role of custodian, the National Bank of Egypt played the role of promoter, the office of Matouk, Bassiouni and Hinnawi played the role of legal advisor for the issuance, and Meres “Middle East Credit Rating and Investor Service” company granted the credit rating for the issuance.
The issuance came in 6 different tranches, with the first tranche valued at 1.225 billion pounds, lasting 6 months, the second at 830 million pounds, lasting 9 months, the third at 830 million pounds, lasting 12 months, the fourth at 1.235 billion pounds, lasting 18 months, and the fifth at 550 million. pounds, with a duration of 24 months, and the last, worth 380 million pounds, with a duration of 32 months.
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