B.TECH, an electronic and home appliances retailer, and Commercial International Bank Egypt (CIB) complete a securitization bonds issuance with a value of EGP 1.038 bn, Invest-Gate reports.

This issuance is a part of a short-term two-year EGP 5 bn securitization issuance program.

It includes three tranches, each having a prime one (P1) rating. The tranches have different payment priorities and interest rates.

CIB acts as the exclusive financial advisor, issuance manager, general arranger, promoter, and co-underwriter of the transaction.

Moreover, the National Bank of Egypt (NBE) and CIB are the transaction custodian.

Zulficar & Partners law firm is the transactions’ legal advisor, while Hazem Hassan Consulting (KPMG) serves as the transaction auditor.

The CEO and Chairman of B.TECH, Mahmoud Khattab, says: “This transaction demonstrates the strong financial status of the company and the diversity of financial tools we use.”

“CIB has completed 11 securitization and bond issuance transactions in 2022 with a total amount exceeding EGP 32 bn. In different sectors, including consumer finance, financial leasing, mortgage finance, and microfinance,” the Head of Syndications and Debt Capital Markets at CIB, Mennan Awadallah, comments.