The Commercial International Bank (CIB) – Egypt completed, managed, and covered 20 securitization bond issuances worth EGP 57.5bn in 2023, securing more than 63% of the Egyptian market share in securitization bond issuances. The bank announced last week the issuance of three securitization bond issuances worth EGP 5.438bn. According to a statement by the bank, these issuances were for the benefit of One Finance, GB Lease and Factoring, and Corplease Financial Group. The three issuances were backed by various financial portfolios in the consumer finance and financial leasing sectors. Amr El-Ganaini, Executive Vice President and Managing Director of the bank, said that the current stage is witnessing an increasing demand by multiple economic entities for securitization bonds, which has led to a significant recovery in debt securitization operations. He added that the increasing growth in securitization bond issuances reflects a positive development in the Egyptian financial market. El-Ganaini also pointed out that the success of these issuances came within the framework 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. Menen Awadallah, Head of the Bank's Bonds, Syndicated Loans, and Debt Markets Department, expressed her pride in completing these issuances, which were covered by the largest Egyptian banks and local investment funds. She confirmed that, within the framework of CIB's leadership in supporting companies operating in all fields, including strengthening and revitalizing the non-banking financial services market and the Egyptian bond market, the bank was keen on coordinating and managing these issuances. The three issuances were offered at a value of EGP 3.177bn, backed by financial leasing portfolios referred by Corpliss, with terms of 13, 37, 52, and 65 months. The four tranches received distinguished credit ratings of AA+, AA, A, and A, respectively, from the Middle East Rating & Investors Service (MERIS). CIB, Al Ahly Pharos, and CI Capital acted as financial advisors, issuance managers, arrangers, general coordinators, and promoters of the subscription for this issuance. EGP 1.645bn was also offered to back financial leasing portfolios referred by GB Financial Leasing and Factoring with terms of 13, 37, and 56 months. The three tranches also received distinguished credit ratings of AA+, AA, and A, respectively, from MERIS. CIB, Al Ahly Pharos, and CI Capital also assumed the role of financial advisor, issuance manager, arranger, general coordinator, and promoter. An issuance worth EGP 616m was also offered, backed by consumer financing portfolios referred by One Finance, with terms of 13, 36, and 48 months, and the three tranches received distinguished credit ratings of AA+, AA, and A, respectively, from MERIS. CIB acted as the exclusive financial advisor, issuance manager, arranger, general coordinator, and subscription promoter for this issuance. A group of Egyptian banks and investment funds participated in the three issuances, including CIB, AAIB, NBE, Banque Du Caire, the Suez Canal Bank, ABC Bank, NBK, Al Baraka Bank, Attijariwafa, the National United Bank, Abu Dhabi Commercial Bank, CI Capital, and the Arab African Investment Management Company.
