CIB completes its second issuance of securitization bonds worth EGP 104 bn for Halan Consumer Finance

Halan Consumer Finance, in collaboration with Commercial International Bank (CIB) as the financial advisor, exclusive manager of the issuance, and custodian, has offered securitization bonds worth EGP 1.04 bn, issued in 4 different tranches with varying maturities, repayment priorities, credit ratings, and yields.

These bonds have received credit ratings of P1/P1/P1/A for all 4 tranches, reflecting the high quality of the underlying portfolio.

This issuance is part of a program to issue bonds totaling EGP 3 bn over 3 years, following approval from the Egyptian Financial Regulatory Authority.

In this context, Mennan Awadallah, Head of Bonds, Loans, and Debt Markets at CIB, expressed her pride in the successful completion of this issuance, which was oversubscribed 1.5 times by several major banks and local investment funds. This success is significant given the current challenges in the market.

She added, "This is the second issuance under the multiple-issuance program with a total size of EGP 3 bn. The first issuance, totaling EGP 978 mn, was closed in December 2022 and was oversubscribed 1.8 times."

Awadallah continued, "This issuance marks another success in the history of CIB and Halan Consumer Finance, in addition to other deals beyond securitization in various stages of preparation, involving other fixed-income products."

The law firm Moataz Basyuni & Partners acted as the legal advisor for the offering, and Hazem Hassan Accounting and Auditing Office (KPMG) served as the issuance's auditor.

It's worth mentioning that Halan Consumer Finance is one of the companies within the MNT Tech Group, a group of companies aiming to provide advanced/technological services to underserved segments in the Egyptian market. The group also includes Tasaheel Microfinance and Mashroey Light Vehicle Finance.