Cairo – Mubasher: Sarwa Capital Holding for Financial Investments said that Sarwa Securitization closed its latest securitised bond issuance worth EGP 1.6 billion backed by the portfolios of Sarwa’s subsidiary Contact Auto Credit and its affiliates.

The issuance includes three tranches with 13-, 37-, and 60-month maturities, carrying ratings of AA+, AA, and A, respectively, by Middle East Ratings and Investors Service (MERIS), according to a bourse disclosure on Monday.

This issue raises the total debt issuances by Sarwa in 2020 to EGP 6 billion, including an earlier securitisation issue of EGP 1.8 billion and a Sukuk issue of EGP 2.5 billion.

Sarwa Promotion and Underwriting served as lead manager and underwriter on the transaction.

The issuance was co-underwritten by Misr Capital, Banque Misr, Commercial International Bank (CIB, Arab African International Bank (AAIB), and Ahli United Bank.

Alieldean Weshahi & Partners (ALC) was the legal advisor on the transaction.