Al Ahly Pharos Concludes EGP 2 Billion Securitization for Incolease: A Milestone in Egypt’s 2026 Debt Capital Market
Al Ahly Pharos Investment Banking, the investment banking arm of the National Bank of Egypt (NBE), has successfully closed a landmark securitization issuance for Incolease. Valued at EGP 2 billion, this transaction marks the first issuance of the 9th Program for Al Ahly Securitization Company. Notably, it stands as the first leasing securitization transaction to be finalized in the Egyptian Debt Capital Market (DCM) for the year 2026, which reinforces Al Ahly Pharos’ leadership in financial engineering and non-banking financial instruments.
Transaction Structure and Credit Excellence
The issuance is backed by a robust portfolio of EGP 2.86 billion assigned by Incolease. Furthermore, the bond received high investment-grade ratings from Middle East Rating Services (MERIS), structured across three distinct tranches:
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Tranche A: Valued at EGP 987 million with a 25-month tenor, rated AA+.
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Tranche B: Valued at EGP 552 million with a 37-month tenor, rated AA.
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Tranche C: Valued at EGP 461 million with a 51-month tenor, rated A-.
Consequently, this high rating reflects the quality of the underlying assets and the meticulous structural design of the transaction.
A Powerhouse Financial Alliance
Al Ahly Pharos acted as the sole financial advisor, lead arranger, and book-runner. In addition, the success of the transaction was driven by a consortium of major financial institutions acting as underwriters, including:
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National Bank of Egypt (NBE) (also acting as placement agent).
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Al Baraka Bank.
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Société Arabe Internationale de Banque (saib).
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Arab African International Bank (AAIB) (also acting as custodian).
The legal and auditing framework was supported by Matouk Bassiouny & Hennawy as legal advisor and BakerTilly & Fathalla & Co. as auditors, ensuring full regulatory compliance and transparency.
Leadership Insights: Setting New Benchmarks
Ahmed Heider, CEO of Al Ahly Pharos Investment Banking, highlighted the strategic depth of the issuance: “This successful issuance reflects the confidence of financial institutions in the transaction structure. It underscores our commitment to delivering innovative financing solutions that enhance the efficiency of Egypt’s non-banking financial instruments.”
Ahmed Ayman, Head of the DCM Division, added that spearheading the market’s activity for 2026 with this “milestone” closure reinforces the firm’s long-standing partnership with Incolease and solidifies its dominant ranking in the Debt Capital Markets.
