Cairo, December 8- CIB, Egypt’s leading private-sector bank, has announced that it successfully closed the third securitization issuance for Tamweel Mortgage Finance worth EGP 1.79 billion in partnership with Al Ahly Pharos and CI Capital, being Co-Financial Advisors & Co-Mandated Lead Arrangers. The issuance was split into five tranches, with maturities of 24, 36, 48, 60 & 75 months for Tranches A, B, C, D & E, respectively.
The issued bonds received distinguished credit ratings of AA+/ AA / AA- / A/ A- / for the five tranches respectively by MERIS (Middle East Rating & Investor Service), due to the assigned portfolio’s strength coupled with comprehensive guarantees and additional credit enhancements available to the bondholders. This issuance comes part of a three-year shelf registration program worth EGP 5 bn. The transaction was oversubscribed 1.6 times by several banks.
Commenting on the transaction, Mr. Amr El-Ganainy, Deputy CEO & Executive Board Member, said, “We are pleased to partner with Tamweel Mortgage Finance, Al Ahly Pharos, and CI Capital, as this partnership underscores our commitment to supporting and developing the real estate industry. This issuance is an important step to bolster confidence in the financial sector and offer innovative solutions to support companies despite the current challenges the market is witnessing.”
Heba Abdel Latif, Head of Financial Institutions at CIB, said, “This issuance reflects our strategic partnership with our clients and demonstrates our ability to provide the required financial support to accelerate growth in various sectors. By doing so, CIB contributes to enhancing the sustainability of economic development.”
Gilan El Siginy, Debt Capital Markets Sector Head at CIB, said, “We are delighted to participate in this business transaction, marking a significant advancement in Egypt’s securitization sector. The success of this issuance underlines investors’ confidence in CIB’s robust business model.”
CIB played a pivotal role in this transaction, acting as the Financial Advisor, Arranger, Manager, Promoter, the transaction’s custodian and underwriter. Furthermore, National Bank of Egypt (NBE), Banque Du Caire, and Arab African International Bank (AAIB) acted as the underwriters, demonstrating confidence in the offering. Societe Arabe Internationale de Banque (SAIB) also subscribed to the issuance.
Dreny & Partners served as the legal advisor, and Baker Tilly office - Mohamed Hilal and Waheed Abdel Ghaffar acted as the official auditor of the transaction.