Cairo – Mubasher: CI Capital Holding for Financial Investments has concluded the EGP 2.50 billion corporate bond issuance for Tasaheel Finance, according to a press release.
The issuance, which received an investment grade BBB+ rating from Middle East Ratings and Investor Services (MERIS), was offered in two tranches.
The first offering was valued at EGP 2 billion with a tenor of 12 months, while the second tranche stood at EGP 500 million with a tenor of 36 months.
Amr Helal, CEO of the Investment Bank at CI Capital, noted: “CI Capital is proud of the successful conclusion of 5 DCM issuances for Tasaheel Finance since 2023 with a total value of EGP 20.29 billion, reflecting the strong partnership between both parties.”
“This historical issuance is another example of CI Capital’s commitment to offering unparalleled innovative financial and investment solutions to its clients, as well as reflecting its commitment to developing the Egyptian capital market space,” Helal added.
Mohamed Abbas, Head of Debt Capital Markets at CI Capital, noted: “Tasaheel’s issuance, the largest corporate bond issuance in the Egyptian market history, is a turning point in the local Debt Capital Markets landscape, as it demonstrates that corporate bonds can act as a reliable financing alternative to traditional financing sources, attracting investments from sources other than the banking sector in the process.”
“This is proven by the fact that 60% of the issuance was covered by non-banking investors, which also highlights CI Capital’s strong fundraising abilities,” Abbas concluded.
CI Capital acted as the issuance manager and bookrunner, while KPMG served as the auditor. Maatouk Bassiouny & Hennawy acted as the legal advisor, whereas the Egyptian Gulf Bank served as the subscription recipient.
