Contact Financial, an Egyptian consumer finance company, has successfully completed an EGP 1.9 billion securitized bond issuance for its consumer finance arms Contact Creditech and Contact Credit. The issuance, which is supported by an EGP 2.9 billion portfolio and has tenors ranging from 13 to 60 months, was advised by Alieldean Weshahi & Partners (‘ALC’) and received ratings of AA+, AA, and A from the Middle East Ratings & Investors Service (MERIS).
Underwriters for the three-tranche issuance included Contact Financial Holding, the National Bank of Egypt, Banque Misr, CIB, AAIB, Al Ahly Pharos, and CI Capital. Additionally, various banking and non-banking institutional investors subscribed to the transaction.
This recent securitized bond issuance marks the second of Contact Financial’s EGP 10 billion securitization program, which began in November of last year with an EGP 1.1 billion issuance. The company has now completed approximately 30% of its program.
Contact Financial Holding served as the bookrunner and arranger for the issuance, while CI Capital acted as the promoter.
Alieldean Weshahi & Partners provided legal counsel for the transaction. The advising team was led by ALC’s managing partner Bahaa Alieldean (pictured), alongside partner Mahmoud El Araby, assocaite Mahmoud EL-Gazzar and junior associate Mohamed Gamal.