Al Ahly Pharos Investment Banking has completed the third issuance under the eighth securitisation programme for Valu, raising EGP 744m.
Al Ahly Pharos Investment Banking, the investment banking arm of the National Bank of Egypt, served as sole financial adviser, lead arranger, and bookrunner. The issuance is backed by a receivables portfolio of EGP 880m.
Arab African International Bank acted as custodian and EG Bank as placement agent and underwriter alongside Al Ahly Pharos. Matouk Bassiouny & Hennawy provided legal advice, Baker Tilly (Mohamed Hilal & Wahid Abdelghaffar) served as transaction auditor, and Middle East for Credit Rating and Investors Service (MERIS) handled credit ratings.
The bonds consist of two tranches. The first, rated P1, totals EGP 433m with a 12-month tenor. The second, rated A-, totals EGP 311m with a 24-month tenor.