Sarwa Capital today announced that Sarwa Securitisation SAE has closed its latest issue of EGP 1.15bn in securitisation bonds backed by the portfolios of Contact Auto Credit and its affiliate companies. The bonds consist of three portions with tenors of one, three, and five years and received high ratings of AA+, AA, and A respectively by Middle East Ratings and Investors Service (MERIS). Sarwa Promoting & Underwriting acted as lead manager and financial advisor for the transaction. The issue was fully underwritten and arranged by Banque Misr and CIB with Banque Misr acting as book runner. Commenting the bond issue, Ayman El Sawy, managing director of Sarwa Promoting & Underwriting, said, "we are proud to have completed this milestone issue, which is the largest ever in the market in challenging conditions. We have managed to maintain the highest credit ratings on the back of the strength of our structuring and the very high credit quality of Contact's portfolios. We would like to thank Banque Misr and CIB for their efforts that helped complete the transaction in the shortest time frame, with Banque Misr underwriting and placing EGP 900m and CIB underwriting and placing EGP 300m." This issue ranks as the 22nd by Sarwa Capital, totalling over EGP 10bn to date. Sarwa is the leading issuer of bonds in the market, the first issuer of securitisation bonds, and the first to issue bonds backed by real estate receivables, of which a new issue of over EGP 500m is expected soon.
