• CI Capital concluded a corporate bond issuance worth EGP 2.5 billion for Tasaheel Finance in the Egyptian debt market.
• The issuance consists of two tranches: EGP 2 billion with a 12-month tenor and EGP 500 million over 36 months.
• The bond received a BBB+ rating from Middle East Ratings and Investor Services (MERIS).

CI Capital

What happened? CI Capital announced the successful conclusion of the EGP 2.5 billion corporate bond for Tasaheel Finance.

“Tasaheel’s issuance, the largest corporate bond issuance in the Egyptian market history, is a turning point in the local Debt Capital Markets landscape, as it demonstrates that corporate bonds can act as a reliable financing alternative to traditional financing sources, attracting investments from sources other than the banking sector in the process,” said Mohamed Abbas, Head of Debt Capital Markets at CI Capital.

Tasaheel’s issuance received an investment grade BBB+ rating from Middle East Ratings and Investor Services (MERIS) and is in two tranches. The value of the first tranche is at EGP 2 billion with a tenor of 12 months. Meanwhile the value of the second is at EGP 500 million with a tenor of 36 months.

Financial Solutions

How was the issuance managed? CI Capital acted as the issuance manager and bookrunner, while KPMG served as the auditor of the issuance, Maatouk Bassiouny & Hennawy served as the legal advisor and the Egyptian Gulf Bank served as the subscription recipient.

Who are they? CI Capital Holding for Financial Investments is a diversified financial services group. It is also provides of leasing, microfinance, mortgage finance, consumer finance, and investment banking products and services.

The group’s headquarters are in Cairo with offices in New York and Dubai. It offers financial solutions to global and regional institutions and family offices, large corporates, SMEs, and high-net-worth and individual investors.