B.TECH and CIB conclude the first securitized bond issuance worth EGP1.038bln

B.TECH, Egypt's leading omnichannel consumer electronics, home appliances retailer & consumer finance powerhouse. The Commercial International Bank (CIB) announced today the completion of securitization bonds worth EGP 1.038 billion issued on three tranches with tenors with different payment priorities, credit ratings, and interest rates. The issued bonds received a credit rating of P1/P1/P1 (Prime one) for the three tranches, respectively, driven by the high quality of the transferred portfolio being the portfolio with the highest rating in the consumer finance business in addition to the other credit guarantees and enhancements available to bondholders.

This issuance comes as part of a short-term EGP 5 billion securitization issuance program over two years after receiving the approval of the Financial Regulatory Authority (FRA).
CIB acted as the exclusive financial advisor, issuance manager, general arranger, promoter, and co-underwriter of the transaction. The National Bank of Egypt (NBE) and CIB served as the transaction custodian. Zulficar & Partners law firm acted as the legal advisor of the issuance, whereas Hazem Hassan Consulting (KPMG) worked as the transaction auditor.