Commercial International Bank (CIB), Egypt's leading private-sector bank, announced that it has closed its first securitization issuance for Tamweel Mortgage Finance worth EGP 1.598 billion as part of a three-year shelf registration program for EGP 4 bn.

The issuance comprises of five tranches: The first tranche with an amount of EGP 206 million, a tenor of 13 months. The second tranche with an amount of EGP 614 million, a tenor of 37 months. The third tranche with an amount of EGP 419 million, a tenor of 61 months. The fourth tranche with an amount of EGP 290 million, a tenor of 84 months The fifth tranche with an amount of EGP 67 million, a tenor of 119 months. Rated AA+, AA, AA -, A and A- respectively by MERIS (Middle East Rating & Investor Service).

CIB acted as the financial advisor, arranger, issuance manager, custodian, subscription-receiving bank and co-underwriter with the National Bank of Egypt (NBE), and Mid Bank acted as a subscriber.

Dereny Law Office acted as the legal advisor, whereas E&Y was the official transaction Auditor. 

Commenting on the issuance, Mennan Awadallah, Head of Debt Capital Markets at CIB, said, ‘’We are very proud to be further cementing our longstanding partnership with Tamweel Group on the second issuance of its debut securitization program after Tamweel Leasing. The current issuance is considered the largest to date in the Egyptian Non-Bank Mortgage Finance Market.

Tamweel Group is eager to further boost its presence in the Egyptian Capital markets by continuously issuing more bonds to help their future business expansion and balance sheet management.