Aman Leasing secures EGP 1.148bn in its largest securitization issuance

(Cairo – January 2024)

Aman Leasing, a subsidiary of Aman Holding, has completed its third issuance of commercial paper worth EGP 1.148bn. The paper is backed by portfolios of consumer finance originated by Aman Financial Services and Aman Consumer Finance.

The issuance consists of four tranches with short and medium-term maturities. It is the largest issuance ever by Rayah and its subsidiaries, breaking the EGP 1bn barrier for the first time since they started securitizing in 2019.

This is also the third issuance under the company’s first program, the “Multi-Tranche Bonds Program,” which has a total value of EGP 5bn and a duration of three years. It is the sixth securitization issuance in Aman’s history.

Hossam Hussein, the Chairperson of Aman Leasing, said that this issuance is a strategic milestone for Aman. He added that the company plans to issue commercial paper regularly, with an average of three issuances per year, to meet the diverse financing needs of its portfolios.

He said that this is an important step in Aman’s strategic plan to boost its growth and cement its position as a leading non-banking financial player in Egypt.

CI Capital and Al Ahli Pharos were the issuance managers and general coordinators. MIRIS Credit Rating assigned the credit rating for the issuance. Hashem Smart Law Office was the legal advisor and legal reviewer. United for Accounting and Auditing (UHY) conducted the financial and accounting audit.

he National Bank of Egypt, a strategic partner of Aman, acted as a guarantor for coverage, a major investor, a subscription receiver, and the custodian for the issuance. The Arab African International Bank also participated as a co-guarantor for coverage.