Al-Ahly Pharos investment banking announced that Al Ahly Pharos Debt Capital Market (DCM) closed Enmaa Financial Company first securitization issuance worth 759 million EGP secured by a portfolio of 1.161 billion.

The securitization is assigned to Al Ahly Securitization Company as the issuance’s special purpose vehicle (SPV) by Enmaa Finance Company.

This is marking Al Ahly Securitization Company’s first issuance of the first program, whereby Al Ahly Pharos acted as the sole financial advisor, sole transaction manager and book-runner, and arranger of the issuance, and BDC as arranger of the issuance.

Al-Ahly Pharos, National Bank of Egypt, Banque Du Caire and Arab African International Bank acted as the transaction’s underwriters. 

Arab African Bank acted as custodian and Banque Du Caire as the placement agent, Dreny & Partners acted as the legal advisor, and Baker Tilly as the auditor of the transaction.

MERIS (Middle East for Credit Rating and Investors Service), acted as the credit rating for the issue. 

Ahmed Heider, CEO & Managing Director of Al Ahly Pharos Investment Banking Group, has expressed his contentment about the closure of the first issuance for Enmaa Financial Company saying: “it indicates the trust Al Ahly Pharos has between its clients within the DCM market and this issuance articulates the precedence of the company within the securitization market. 

“The company’s aspiration to expand in the DCM field, and to continue to strengthen its leadership and precedence through all advisory services provided by the company, whether in debt capital markets or equity capital markets,” Heideradded.

Amir Sherif the Managing Director and Head of the DCM at Al Ahly Pharos has conveyed his outmost pride with this issuance.

 It is the first issuance of Al-Ahly Securitization Company, which comes within a series of programs worth about 12billion EGP, which will be issued successively during the coming period for several companies in various fields. 

The bond was fully covered through a subscription of National Bank of Egypt, Faisal Islamic Bank, Banque Du Caire, Arab African International Bank, ABC Bank & AttijaraWafa Bank Egypt. The bond is comprised of three tranches rated by Middle East Rating Services (MERIS) as (AA+), (A+) and (A) respectively. 

The first tranche is worth 105 million EGP with a tenor of 13 months, the second is worth EGP 378 million with a tenor of 37 months while the third is worth 276 million EGP with a tenor of 56 months. 

Al Ahly Pharos Investment Banking is a leading investment bank operating in both Debt Capital Markets, Equity Capital Markets, as well as mergers and acquisitions sector in Egypt, providing clients with fully integrated financial services capitalizing on Al Ahly Financial Services group.

Enmaa Finance Company Enmaa Finance Company was founded in 2015 as a joint stock company under The Islamic Corporation for the Development of the Private Sector (ICD), Arab Investment Bank (AIBK) and Ayady for Investment and Development Company. 

1US$= 30.95EGP