Al Ahly Pharos Investment Banking, the investment banking arm of the National Bank of Egypt, announced the successful conclusion of its advisory role on the first securitization issuance of the first program for Al Tawfeek Securitization Company. The transaction is valued at EGP 1.849 billion and is backed by a portfolio worth EGP 2.835 billion assigned by AT Lease S.A.E.
The transaction was jointly advised and arranged by Al Ahly Pharos Investment Banking and CI Capital, who acted as the financial advisors, lead arrangers, and book-runners. This issuance strengthens the securitization market in Egypt and reflects growing confidence in structured finance solutions.
Key Participating Institutions
The transaction was executed with the participation of several major financial institutions. National Bank of Egypt, Banque Misr, Banque du Caire, and Commercial International Bank Egypt served as the underwriters. National Bank of Egypt acted as the placement agent, while Banque Misr served as the custodian.
Alieldean Weshahi & Partners acted as the legal advisor, UHY served as the auditor, and MERIS (Middle East for Credit Rating and Investors Service) provided the credit ratings for the issuance.
Bond Structure and Ratings
The securitization bond consists of three tranches, each rated by MERIS. The tranches were structured to meet diverse investor preferences and risk profiles:
- First Tranche: EGP 748 million, rated AA+, with a tenor of 25 months.
- Second Tranche: EGP 556 million, rated AA, with a tenor of 37 months.
- Third Tranche: EGP 545 million, rated A, with a tenor of 52 months.
This successful issuance highlights AT Lease’s strong portfolio performance and reinforces the role of securitization as a strategic financing tool in the Egyptian market.
