CI Capital Successfully Concludes EGP 884mn Securitized Bond Issuance for Reefy Microfinance Enterprise Services

Cairo 06 November 2024:

CI Capital (CICH.CA), the leading diversified financial services group, announced today the successful conclusion of EGP 884mn securitized bond issuance for The Egyptian Company for Securitization – on behalf of Reefy Microfinance Enterprise Services, who acted as the originator of the portfolio.

Reefy’s issuance comes in 3 tranches: the first valued at EGP 378mn, with a tenor of 6 months, received a Prime 1 rating from Middle East Ratings and Investor Services (MERIS). The second tranche, valued at EGP 355mn, with a tenor of 12 months, also received a Prime 1 rating. The third tranche, valued at EGP 151mn, with a tenor of 18 months, received a rating of A-.

“CI Capital is proud to conclude Reefy’s issuance, the second transaction as part of its three-year, EGP 3 billion program. This achievement highlights the outstanding efforts of our DCM team, whose successful execution of multiple consecutive transactions has reinforced CI Capital’s standing as the leading diversified financial services group, delivering competitive financing solutions,” commented Amr Helal, Chief Executive Officer (Sell-Side) of the Investment Bank at CI Capital.

In this context, Ahmed Labib, Managing Director and CEO of Reefy stated: “The completion of the second issuance with an excellent credit rating marks an important milestone for Reefy, as it provides additional financing capacity and lowers our financing costs. This allows us to offer competitively priced products, fostering sustainable growth for both the company and our clients, in line with the responsible finance principles set by the Financial Regulatory Authority.”

Labib added, “Reefy aims to accelerate its growth momentum, having been recognized for the second consecutive year among Africa’s 100 fastest-growing companies, as ranked by Statista and the Financial Times for 2023 and 2024. This achievement highlights our dedication to offering innovative and flexible financing solutions that cater to the diverse needs of our clients.”

“CI Capital remains committed to its pivotal role in developing Egypt’s debt markets. By fostering collaboration and coordination with non-banking financial institutions (NBFIs), CI Capital aims to drive sustainable growth in the debt markets while addressing the evolving needs of its clients,” Commented Mohamed Abbas, Head of DCM at CI Capital.

Established in 2007, Reefy Microfinance Enterprise Services is the first FRA-licensed microfinancing institution in Egypt operating with the sole purpose of lending micro businesses that fall outside the scope of bank financing and serving 156K clients across 21 governorates. Reefy is dedicated to continuously enhancing its competitive edge through innovation and delivering responsible financing services that make a positive impact on the community.

CI Capital acted as the financial adviser, issuance manager, bookrunner and lead arranger in the issuance, while Baker Tilly acted as the issuance’s financial auditor, and Zaki Hashem & Partners acted as the issuance’s legal advisor.

About CI Capital Holding for Financial Investments

CI Capital Holding for Financial Investments is a diversified financial services group and Egypt’s leading provider of leasing, microfinance, mortgage finance, consumer finance, and investment banking products and services. Through its headquarters in Cairo and presence in New York and Dubai, CI Capital Holding for Financial Investments offers a wide range of financial solutions to a diversified client base that includes global and regional institutions and family offices, large corporates, SMEs, and high-net-worth and individual investors. CI Capital Holding for Financial Investments leverages its full-fledged investment banking platform to provide market-leading capital raising and M&A advisory, asset management, securities brokerage, custody, and research. Through its subsidiary Corplease, CI Capital offers comprehensive leasing solutions, including finance and operating leases, and sale and leaseback, serving a wide range of corporate clients and SMEs. In addition, CI Capital Holding for Financial Investments offers microfinance lending through Egypt’s first licensed MFI, Reefy. The Group has over 3500 employees, led by a team of professionals who are among the most experienced in the industry, with complementary backgrounds and skill sets and a deep understanding of local market dynamics.