Al Ahly Pharos investment banking successfully concludes advisory on al ahly securitization company’s first securitization issuance of the 3rd program worth EGP 1.06bln

Al Ahly Pharos investment banking successfully concludes advisory on al ahly securitization company’s first securitization issuance of the 3rd program worth EGP 1.06bln

Al-Ahly Pharos investment banking, one of the subsidiaries of Al-Ahly Financial Services Group, which represents the integrated investment arm of the National Bank of Egypt, announced today that they acted as a financial advisor, transaction lead manager and arranger have successfully closed Al Ahly Securitization Company’s 1st Securitization Issuance of the 3rd. program worth EGP 1.06 billion secured by a portfolio of leasing contracts worth EGP 1.7 billion assigned by Al Ahly Leasing and Factoring company, whereby National Bank of Egypt acted as the Arranger, and Al Ahly Pharos, National Bank of Egypt, Arab African International Bank, Banque Du Caire and Suez Canal Bank acted as the transaction’s underwriters. Arab African International bank acted as the custodian and Banque Du Caire as the placement agent, Dreny & Partners acted as the legal advisor, and Baker Tilly Egypt as the auditor of the transaction, while MERIS "Middle East for Credit Rating and Investors Service", acted as the credit rating for the issue.

The bond is comprised of three tranches rated by Middle East Rating Services (MERIS) as AA+, AA and A respectively. The first tranche is worth EGP 313 million with a tenor of 25 months, the second is worth EGP