Raya Holding issues EGP 562m worth securitisation bonds

Raya Holding issues EGP 562m worth securitisation bonds

Raya Holding for Financial Investments has announced the successful issuance of a second round of securitisation bonds in less than a year, at a value of EGP 562m.

The securitisation bonds were issued through receipts, financial rights, and future payment dues guaranteed by various guarantees by three of the group's subsidiaries, namely Raya Electronics, Aman for Financial Services, and Aman Microfinancing.

In a statement to the Egyptian Exchange (EGX) on Monday, the company confirmed that it had obtained the necessary regulatory and legal approvals for the new offering. The proceeds include various electronic and home appliances instalments, in addition to car loans and small- and micro-projects.

The Commercial International Bank - Egypt (CIB) provided financial advice for the deal. It also subscribed to the subscription coverage for the securitisation process with the National Bank of Egypt (NBE), Banque Misr, Misr Capital Company, Attijariwafabank - Egypt, and the Suez Canal Bank (SCB).

The Derini & Partners law office provided the legal advice for the deal, alongside the United Office for Auditing, Taxes & Financial Consultations carrying out the financial audits on the deal. This comes in addition to Meyers Credit Rating Company, the regional partner of Moody's International Investor Services Company, providing the credit