CIB completes three securitization bonds issuances worth EGP 5.44 bn by end of 2023

CIB announced today the launch of three securitization bonds issuances at the end of 2023 worth EGP 5.438 bn for One Finance Company for Consumer Finance Services, GB Lease & Factoring Company and Corplease Financial Leasing Company. The three issuances were secured by different financial portfolios in consumer financing and financial leasing sectors.

In this regard, Amr El-Ganainy, Deputy CEO and Managing Director at Commercial International Bank (CIB) expressed his pleasure at the completion of the three issuances at the end of 2023.

Amr El-Ganainy stated "The current phase is witnessing increased demand by multiple economic corporations for securitization bonds issuance, which has led to a significant recovery in loan securitization during the current period."

He added that the growing growth in securitization bonds issuance in recent years reflects a positive development in the Egyptian financial market, noting that the success of these issuances came as part of the Bank's efforts to support the economy, provide flexible investment solutions that attract more investors, and support companies and institutions in various sectors.

Meanwhile, He thanked all parties involved in the three issuance for their efforts that had led to their successful completion in record time before the end of fiscal year 2023.

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

She emphasized that as part of the CIB's leadership in supporting companies working in all fields including supporting and stimulating the non-bank financial services market and the Egypt bond market, we were keen to coordinate and manage these issues. The three issuances were introduced as follows:

• EGP 3.177 bn secured by financial leasing portfolios transferred from Corplease Financial Leasing Company with maturities of 13, 37, 52 and 65 months. The four tranches received a distinctive credit rating of AA+, AA, A and A respectively from MERIS - Middle East Rating & Investors Service.

The Commercial International Bank - Egypt (CIB), Al Ahly Pharos and CI Capital also played the roles of financial advisor, issuance manager, general coordinator and subscription promoter.

• EGP 1.645 bn secured by financial leasing portfolios transferred from GB Lease & Factoring Company with maturities of 13, 37 and 56 months, where the three tranches also received a distinctive credit rating AA+, AA and A respectively from MERIS - Middle East Rating & Investors Service.

The Commercial International Bank - Egypt (CIB), Al Ahly Pharos and CI Capital also played the roles of financial advisor, issuance manager, general coordinator and subscription promoter.

• EGP 616 million with consumer finance portfolios transferred from One Finance for Consumer Finance Services with maturities of 13, 36 and 48 months, with the three tranches receiving a distinctive credit rating of AA+, AA and A respectively from MERIS - Middle East Rating & Investors Service.

The Commercial International Bank - Egypt (CIB) played the role of financial advisor, issuance manager, general coordinator and subscription promoter.

A group of Egyptian banks and investment funds participated in the aforementioned issuances, including CIB, Arab African International Bank, National Bank of Egypt, Banque Du Caire, Suez Canal Bank, Bank ABC, Al Ahli Bank of Kuwait - Egypt, alBaraka Bank, Attijariwafa Bank, Ahli United Bank, Abu Dhabi Commercial Bank, CI Capital, and African Investment Management Company.

CIB has been able to complete, manage and ensure covering twenty issuances of securitization bonds worth up to EGP 57.5 bn since the beginning of 2023. Capturing two thirds of the value of securitization bond issuances in the Egyptian market over the world by more than 63%.