Al Ahly Pharos Successfully Concludes Advisory on Al Tawfeek for Securitization’s first Securitization Issuance of the Fourth Program Worth EGP 1.790 billion

Cairo 03 Dec 2024:

Al-Ahly Pharos investment banking, which represents the Investment banking arm of the National Bank of Egypt, announced today that they acted as a financial advisor, transaction lead manager, and book-runner, for Tamweel for Securitization’s First Securitization Issuance of the Fourth Program valued at EGP 1.7904 billion secured by a portfolio of EGP 3.303 billion assigned by Tamweel Mortgage Company, in collaboration with Commercial International Bank and CI Capital.

Also, this transaction was carried out in cooperation with Al Ahly Pharos, National Bank of Egypt, Commercial International Bank, Arab African International Bank and Banque du Caire who acted as the transaction’s underwriters. While Banque du Caire acted as the placement agent and Commercial International Bank acted as the custodian, Dreny and Partners acted as the legal advisor, and Baker Tilly as the auditor of the transaction, while MERIS “Middle East for Credit Rating and Investors Service”, acted as the credit rating agency for the issue.

The bond is comprised of 5 tranches rated by Middle East Rating Services (MERIS) as AA+, AA, AA-, A and A- respectively. The first tranche is worth EGP 625.7 million with a tenor of 24 months, the second is worth EGP 345.5 million with a tenor of 36 months, the third is worth EGP 373.3 million with a tenor of 48 months, the fourth is worth EGP 245.3 with a tenor of 60 months and the fifth worth EGP 200.6 with a tenor of 75 months.

About Al-Ahly Pharos Investment Banking S.A.E.

Al-Ahly Pharos Investment banking, which is part of the National Bank of Egypt Group, is one of the leading investment banks in the Egyptian capital market operating in both Debt Capital Markets, Equity Capital Markets, as well as mergers and acquisitions sector in Egypt The company providing integrated financial services. It relies on the strength of the National Bank of Egypt Group and holds a leadership position in the investment banking market, securities trading, research, asset management, and debt roles such as securitization and sukuk.

About Tamweel Mortgage Company

Tamweel Mortgage became the leading company in the mortgage industry in Egypt in the years 2019 and 2020, following commencement of its operations in 2007. The company offers a variety of tailored mortgage loans for the purchase, finishing, and renovation of residential, commercial, and administrative units. It also offers portfolio acquisition, in addition to sale and leaseback for residential properties.