Dreny & Partners Advised Al Ahly Leasing & Factoring On EGP 878 Million Securitization Transaction

Dreny & Partners Advised Al Ahly Leasing & Factoring On EGP 878 Million Securitization Transaction

Dreny & Partners advised Al Ahly Leasing & Factoring Company, a subsidiary of the National Bank of Egypt (NBE), on its second securitization transaction for their financial leasing portfolio, amounting to EGP 878 million. This transaction is part of a wider 3-year multi-issuance program with a total value of EGP 4 billion.

The issuance was backed by a receivables portfolio originated by Al Ahly Leasing & Factoring Company and was structured into three tranches: Tranche A amounting to EGP 311 million, rated AA+(sf), Tranche B valued at EGP 302 million, rated AA(sf), and Tranche C at EGP 265 million, rated A(sf), by the Middle East Ratings and Investors Service (MERIS).

Al Ahly Pharos acted as the financial advisor and lead arranger of the transaction, and also served as the underwriter along with the Arab African International Bank, NBE, and Banque du Caire. National Bank of Egypt acted as the custodian, while Banque du Caire served as the bookrunner. Baker Tilly Hilal & Abdel Ghaffar was the official auditor for the transaction.

The Dreny & Partners team included Managing Associate Metwally Sweify, Associate Youssef Bayoumi, and Junior Associate Farah Younes. From the Capital Markets Procedures team, Head of Capital Market Procedures Department Nagy Mostafa Ebied and Associate Mohamed Youssef also provided key support.