Egypt: One Finance raises $19.93mln in first securitisation bond offering

Egypt: One Finance raises $19.93mln in first securitisation bond offering

Egypt - One Finance, a non-banking financial institution (NBFI) in Egypt, has achieved a significant milestone in its financial history by completing its first securitisation bond offering, raising EGP 616m.

This is the first step in a larger securitization bond program, which aims to reach a total value of EGP 3 billion.

The offering consisted of three tranches with different maturities of 13, 36, and 48 months, raising EGP 131.8m, EGP 328.9m, and EGP 155.3m, respectively. All three tranches received a P1 (SF) rating from MERIS Ratings, indicating a high level of credit quality.

Hazem Madany, CEO and Managing Director of One Finance, said that the offering was a crucial step in the EGP 3 billion securitization bond program. He explained that the proceeds from the issuance would help the company expand its capabilities, introduce new products to enhance customer purchasing power, diversify its product portfolio, and foster sustainable growth and profitability.

Amr Abdelmaksoud, CFO of One Finance, stressed the strategic importance of a successful securitization, saying that it was a sign of trust from financial partners. He said that the company would use the funds raised to diversify its product offerings, achieve sustainable growth, and improve its liquidity levels.

Several key financial institutions played