Cairo, December 30, 2024- CIB, Egypt’s leading private-sector bank, has announced that it successfully closed the fourth securitization issuance worth EGP 1.56 billion. CIB acted as the financial advisor, arranger, manager, and promoter for this issuance. The issuance was divided into two tranches, with maturities of 9 and 12 months for tranches A & B, respectively.
The issued bonds received distinguished credit ratings of P1 for the two tranches from MERIS (Middle East Rating & Investor Service). This strong rating was due to the portfolio’s strength, comprehensive guarantees, and additional credit enhancements available to the bondholders. This issuance is part of a two-year shelf registration program worth EGP 5 billion. The transaction was oversubscribed 1.2 times.
Commenting on the transaction, Mr. Amr El-Ganainy, Deputy CEO & Managing Director, said, “The success of this transaction underscores B-Tech’s solid position in the Egyptian market and highlights the growth of the Egyptian consumer finance sector, which continues to enjoy support from Egyptian banks.”
Heba Abdel Latif, Head of Financial Institutions at CIB, said, “CIB is committed to supporting financial institutions and companies within the non-banking sector to reach their full potential. This partnership aims to provide opportunities for consumers and businesses, drive economic growth, and bolster Egypt’s financial landscape.”
Gilan El Siginy, Debt Capital Markets Sector Head at CIB, said, “The success of this issuance reflects the strength of our partnerships, commitment to delivering leading financial solutions, and the trust investors have placed in CIB. This partnership reinforces the growing confidence in CIB’s offerings, paving the way for sustainable growth.”
CIB played a vital role in this transaction, acting as the financial advisor, arranger, manager, and promoter. Furthermore, CI Capital, Arab African International Bank (AAIB), Arab African Investment Management (AAIM), and NI Capital subscribed to this offering. Maatouk Bassiouny & Hennawy served as the legal advisor, while Russell Bedford acted as the official auditor of the transaction.