Arab Finance: Company announced today CI Capital Holding for Financial Investments (CICH)announced the completion of a deal to issue securitization bonds worth 3.919 billion Egyptian pounds for the benefit of Capital Securitization Company, where Tasahil Finance was the assignor and originator of the portfolio, according to the statement sent on November 3.
The issuance comes in 6 tranches, the first with a value of 1.394 billion pounds with a maturity period of 6 months, the second with a value of 666 million pounds with a maturity period of 9 months, the third with a value of 569 million pounds with a maturity period of 12 months, the fourth with a value of 763 million pounds with a maturity period of 18 months, and the fifth with a value of 296 million pounds with a maturity period. The maturity of 24 months and the sixth, with a value of 231 million pounds, with a maturity period of 31 months. The tranches have received distinguished credit ratings from Meris – Middle East Credit Rating and Investor Service Company, where the first, second and third tranches received Prime 1, which is the highest credit rating, while the fourth and fifth tranches received And sixth, rated A-.
Amr Helal, CEO of the Investment Bank (sell-side), stated that CI Capital has been able to complete 3 securitization issues for Tasahil since 2023 with a total value of 10.78 billion Egyptian pounds, which reflects the strong partnership between the two companies. Helal also expressed his aspiration to increase the Strategic cooperation between the two companies, as Tasahil is considered one of the largest companies operating in the field of non-banking financial services and one of the most important success partners of CI Capital.
Mohamed Abbas, Head of the Debt Markets Sector at CI Capital, also expressed his happiness with the completion of the largest issuance of non-sovereign securitization bonds in the history of the Egyptian market. He explained that this issuance represents the third issuance of sustainable bonds for Tasahil Company.
Abbas added that the issuance from outside the banking sector was covered by approximately 60% by asset managers, as it reflects CI Capital’s orientation towards diversifying the investor category. Abbas concluded by emphasizing that CI Capital continues its efforts to expand the scope of its services in debt issuances locally and regionally.
It is noteworthy that in this issuance, CI Capital played the role of financial advisor, arranger, general coordinator, issuance manager, and subscription promoter, while Russell Bid Ford’s office played the role of financial auditor, and Matouk Bassiouny and Hinnawi’s office played the role of legal advisor for the issuance.
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