Cairo – Mubasher: Sarwa Capital Holding for Financial Investments announced that Sarwa Securitization closed its latest securitised bond issuance worth EGP 1.8 billion backed by the portfolios of Contact Auto Credit and its affiliates.
The issuance, which drew strong demand from institutional investors and banks, includes three tranches with 13-, 37-, and 59-month maturities, carrying ratings of AA+, AA, and A, respectively by Middle East Ratings and Investors Service (MERIS), according to a statement on Saturday.
“This issue brings the total issuances by Sarwa Securitization to EGP 19 billion to date with 28 issuances of which EGP 13 billion have been repaid in full at maturity,” the statement showed.
Sarwa Promoting & Underwriting served as lead manager, arranger, and underwriter on the deal, whereas Banque Misr, Arab African International Bank, and Misr Capital Investments were tapped as underwriters and arrangers.
The issue was co-underwritten by Commercial International Bank (CIB), Ahli United Bank, and Egyptian Gulf Bank (EGB).
“The debt market has seen increased activity from issuers which is a significant development in deepening the fixed income market in Egypt,” chief financial officer at Sarwa Capital, Ayman Elsawy, said, expecting that “this will contribute towards activating the secondary market which we hope to achieve with the help of regulators and all stakeholders.”
