Al Ahly Pharos Investment Banking, the investment banking arm of the National Bank of Egypt (NBE), has announced the successful completion of the third issuance under the eighth securitisation programme for U Consumer Finance S.A.E. (Valu), with a total value of EGP 744m.
Al Ahly Pharos acted as the sole financial adviser, lead arranger, and bookrunner for the issuance, which is backed by a receivables portfolio valued at EGP 880m.
Arab African International Bank served as the custodian, while EG Bank acted as the placement agent. Matouk Bassiouny & Hennawy served as legal adviser, Baker Tilly (Mohamed Hilal & Wahid Abdelghaffar) acted as the transaction auditor, and Middle East for Credit Rating and Investors Service (MERIS) was the credit rating agency for the issuance. EG Bank and Al Ahly Pharos Investment Banking also acted as the transaction’s underwriters.
The bond issuance comprises two tranches, both rated by MERIS. The first tranche, rated P1, is valued at EGP 433m with a tenor of 12 months, while the second tranche, rated A-, is valued at EGP 311m with a tenor of 24 months.