Dreny & Partners on Enmaa Finance’s EGP759m inaugural securitization

Dreny & Partners acted as legal counsel in the successful completion of Enmaa Finance’s inaugural securitization transaction. The transaction involved the securitization of Enmaa Finance’s financial leasing portfolio, amounting to EGP 759 million, as part of a comprehensive 3-year multi-issuance program valued at EGP 2 billion. 

The securitization was supported by a portfolio of receivables originated by Enmaa Finance Co. and consisted of three tranches: Tranche A, rated AA+ and valued at EGP 105,000,000; Tranche B, rated AA and valued at EGP 378,000,000; and Tranche C, rated A by the Middle East Ratings and Investors Service (MERIS) and valued at EGP 276,000,000. 

The transaction involved the collaboration of various financial institutions. Al Ahly Pharos served as the financial advisor and underwriter, alongside National Bank of Egypt (NBE), Arab African International Bank (AAIB), and Banque du Caire. Arab African International Bank also acted as the custodian, Banque du Caire as the bookrunner, and Bakertilly as the transaction’s auditor. 

This transaction was led by partner, head of capital markets and financial services department Imane Raouf (pictured), working with Aya Khaled from capital markets team and from the capital markets procedures team managing associate Nagy Ebeid and junior associate Ahmed Ayman