Banque Misr -Creative Commonis via Wikimedia
CAIRO - 7 May 2020: Banque Misr successfully received "Deal of the Year 2020 – Africa" from The Banker magazine, an international publication owned by the Financial Times.
This is considered the second time for Banque Misr to receive an award from the same institution for its role as mandated lead arranger and underwriter for Sarwa Capital's 27th securitization bond issue at value of LE 2.03 billion.
Sarwa Capital is the largest securitization and structured finance provider in Egypt. The LE 2.8 billion issuance pool of receivables for Sarwa's issue of asset-backed securities (ABS), backed by auto loans; thus, Sarwa's bond issue is considered the largest issuance ever to be executed in Egypt despite all challenges related to the hike at the local interest rate that faced the Egyptian market.
This securitization bond issue was achieved in the light of fruitful cooperation between Banque Misr and Sarwa Capital, the largest securitization provider in Egypt.
Banque Misr is expected to cooperate with Sarwa Capital for executing more securitization bond issues, in the light of launching new products in the Egyptian market, including Sukuk and short-term bonds.
It is worth mentioning that Sarwa Capital arranged this securitized bond issuance in cooperation with Banque Misr, Arab African International Bank, Ahli United Bank, Commercial International Bank as mandated lead arrangers and underwriters.
Sarwa Capital was the financial adviser and lead arranger and AAIB was book runner for the bond issue.