The Arab African International Bank (AAIB) has signed today a Memorandum of Information with Contact Securitization Company S.A.E. (CSC) based on bond issuance and joint funding financing both totaled EGP 1.229 billion. The AAIB has inked on Sunday the Memorandum of Information for the Contact Securitization Company S.A.E.'s Sixth Issue of bonds totaled EGP 629 million, distributed to 3 tranches. The AAIB, Commercial International Bank (CIB) and the National Bank of Egypt shall perform as the Custodians, Back-Up Servicers and the Underwriters. Moreover, MERIS (Middle East Rating & Investors Service) has presented credit ratings; AA +, A, and A for the Sixth Issue's three tranches, respectively. The opening date for the public offering is expected to be within late November 2013 since the AAIB will be receiving the subscription processes as soon as obtaining the regulator; the Egyptian Financial Supervisory Authority (EFSA)'s approvals. For the joint financing contract, the three lenders AAIB, Banque Du Caire, and Banque Misr will be the main arrangers for a 7-year loan worth EGP 600 million for Contact Auto Credit (CAC). The loan is designated for refinancing the purchase of brand new passenger vehicles co-originated by Contact Auto Credit (CAC) (49% of the principal outstanding balance), Bavarian – Contact Car Trading (BCCT) (8%), Star Auto Credit (22%), and Contact Egyptian International Motor Auto Credit (CEIM) (21%). "The Arab African International Bank has been playing a pivotal role in financing corporations and structuring debt instruments for a decade. The tenth asset backed security issued by Contact Securitization Company is the first of its own to be offered this year in the Egyptian market." said Hassan Abdalla – the CEO and Vice Chairman of AAIB - on Sunday "Since 2009, AAIB has been arranging multiple transactions in favor of CSC, including loans, marketing loans as well as securitized bond issuances." He added
