Al Ahly’s EGP 878m securitization: the advisors

Dreny and Partners advised Al Ahly Leasing & Factoring company on its 2nd securitization transaction of the 3rd multi-issuances program for their financial leasing portfolio amounting to EGP 878 Million. The operation is part of a wider 3-year multi-issuance program with a total value of EGP 4 billion.

The issuance was backed by a receivables portfolio originated by Al Ahly Leasing & Factoring company, and was comprised of three tranches: Tranche A amounting to EGP 311 million rated (AA+(sf)), Tranche B valued at EGP 302 million rated (sf) AA., Tranche C valued at EGP 265 million rated (sf) A, by the Middle East Ratings and Investors Service (MERIS).

Al Ahly Pharos acted as the financial advisor and lead arranger of the transaction. Al ahly also acted as underwriter along with the Arab African International Bank, National Bank of Egypt and Banque du Caire. National Bank of Egypt as the custodian, Banque du Caire as the bookrunner of the transaction. While Bakertilly as the official auditor for the transaction.

The team

D&P Team includes: managing associate Metwally Sweify (pictured), associate Youssef Bayoumi and junior associate Farah Younes. From the Capital Markets Procedures team: head of capital market procedures team Nagy Ebeid and Associate Mohamed Youssef.