Cairo, December 23, 2024- CIB, Egypt’s leading private-sector bank, has announced that it successfully closed the second securitization issuance for One Finance, a consumer finance company. The issuance was split into three tranches with maturities of 12, 24, and 36 months for tranches A, B, and C, respectively.

The issued bonds received distinguished credit ratings of P1/ AA / A for the three tranches from MERIS (Middle East Rating & Investor Service). This issuance is part of a three-year shelf registration program worth EGP 3 billion. The subscription was oversubscribed 1.7 times by several banks.

Commenting on the transaction, Mr. Amr El-Ganainy, Deputy CEO & Executive Board Member, said, “We are pleased to have partnered with One Finance, as this partnership underscores our commitment to delivering tailored financial solutions that meet our customers’ evolving needs. Our role as advisor and arranger for this transaction reflects our commitment to delivering innovative solutions that foster strong partnerships and drive growth.”

Heba Abdel Latif, Head of Financial Institutions at CIB, said, “We are delighted to have closed the second securitization for One Finance, demonstrating seamless coordination between the parties involved. This issuance reflects the trust investors have in Egypt’s consumer sector as it is regarded as a promising opportunity for investors and the economy.”

Gilan El Siginy, Debt Capital Markets Sector Head at CIB, said, “We are very pleased to partner with One Finance again in a larger and more comprehensive lending agreement. CIB is privileged to have facilitated their first securitization issuance in 2023, underlining our commitment to support their growth through the second transaction.”

CIB played a pivotal role in this transaction, acting as the sole financial advisor, arranger, manager, promoter, transaction custodian, and underwriter. Furthermore, CI Assets Management, Arab Banking Corporation (ABC) & Arab African Investment Management (AAIM) subscribed to this offering.

Dreny & Partners served as the legal advisor, while Baker Tilly office - Mohamed Hilal and Waheed Abdel Ghaffar acted as the official auditor for the transaction.