Private equity firm Aur Capital and Al Ahly Pharos have successfully concluded a securitized bond issuance worth EGP 790 million for Aur Leasing and Factoring. The issuance is backed by a portfolio of receivables valued at EGP 1.1 billion and has tenors ranging between 24-52 months. The bonds were rated AA+, AA, and A by the Middle East Rating and Investors Service (MERIS).
The transaction saw subscriptions from the National Bank of Egypt, Banque Misr, CIB, United Bank, Arab Banking Corporation, and Attijariwafa Bank. The participation of six major banks highlights the increasing interest of financial institutions in securitized bond issuances, which offer attractive returns with relatively low risk.
Aur Capital and Al Ahly Pharos acted as the bookrunners and arrangers for the issuance, with KPMG serving as the auditor. Banque Misr was the custodian, while Alieldien Weshahi & Partners (ALC) acted as the legal advisor. The advising ALC team was led by managing partner Bahaa Alieldean (pictured), alongside partner Mahmoud Elaraby, associates Mahmoud Elgazzar and Ali Salah in addition to junior associate Mohamed Gamal.
This latest issuance has brought the total value of securitized bond issuances this year to EGP 13.3 billion, representing a 34% increase from the same period last year.