CI Capital successfully concludes the first securitized bond issuance worth EGP 202mln for Blnk Consumer Finance

CI Capital successfully concludes the first securitized bond issuance worth EGP 202mln for Blnk Consumer Finance

Cairo: CI Capital (CICH.CA), the leading diversified financial services group, announced today the successful conclusion of the first securitized bond issuance worth EGP 202 million for Blnk Consumer Finance as part of a 3-year program with a total value of EGP 2 billion.

The issuance comes in three tranches: the first valued at EGP 62.2 million, with a tenor of 6 months at a P1 rating from Middle East Ratings and Investor Services (MERIS), the highest credit rating. The second tranche valued at EGP 64.8 million, with a tenor of 12 months, also receiving a P1 rating. The third tranche valued at EGP 75 million, with a tenor of 34 months, received a credit rating of A.

Amr Sultan, Blnk’s Co-Founder and CEO stated, “The issuance’s success, at an early stage in the company’s lifecycle, is a great milestone. The capital raised will further the achievement of our expansion plans, by increasing our client base, enhancing our service offerings, and growing our merchant network.”

“The high demand for the issuance is a testament to investor’s positive outlook for Blnk’s market position, solid balance sheet and innovative, technology-driven, consumer finance solutions,” Added Sultan.

Amr Helal, Chief Executive Officer (Sell-Side) of the Investment Bank at CI