Cairo – Mubasher: Raya Holding for Financial Investments announced the issuance of securitised bonds worth EGP 562 million.
The issuance is backed by receivables from three of Raya Holding’s subsidiaries, namely, Raya Electronics, Aman Financial Services, and Aman Microfinance, according to a statement to the Egyptian Exchange (EGX) on Monday.
The receivables include installments for consumer loans for electronics and home appliances and micro loans for small enterprises.
The Commercial International Bank – Egypt (CIB) served as the lead underwriter and sole lead-arranger for the transaction, along with the National Bank of Egypt (NBE), Banque Misr, Misr Capital, Attijariwafa Bank - Egypt, and Suez Canal Bank as co-underwriters.
United for Auditing, Taxation, Advisory and Financial Services acted as the independent financial auditor, while Al Dereny and Partners acted as the legal auditor and advisor.
The Middle East Rating & Investors Service (MERIS) has undertaken the credit rating for the issuance.
The offering is comprised of four tranches with six-, nine-, 12-, and 36-month maturities from the subscription date with a weighted average yield of 10.78%.
The bond offering was about 300% covered.
The securitised bond issuance involves contracts with about 124,000 clients from the three companies, backed by around 800,000 commercial papers.
