The Clap:
Raya Holding’s fintech subsidiary Aman Consumer Finance has issued EGP 1.04 billion in securitized bonds that were backed by an EGP 1.2 billion portfolio of consumer finance contracts.
Rating:
With tenors of 6, 9, 13, and 24 months, the issuance was done in four tranches, and Middle East Rating Services gave it ratings of Prime 1 and A.
Background:
The issuance is a component of a larger, three-year, EGP 5 billion securitization program that began in February 2023. In December 2023, the company forayed into the securitization market with the issuance of EGP 1.1 billion.
More to come:
According to CEO Hazem Moghazi of Aman for Financial Services, the company intends to launch the program’s fifth issuance in the third quarter of this year.
Counsel:
The sole financial advisor, arranger, and issue manager for the issuance was CI Capital. Accompanying the Arab African International Bank as custodian and underwriter was the National Bank of Egypt. United for Accounting, Auditing, and Tax Consulting was the auditor, and Zaki Hashem offered legal advice.
