Raya closes EGP 562 mn securitized bond second offering

Raya Holding closes 562 million Egptian pound securitized bond sale with a weighted average yield of 10.78 percent to finance its debt.

The second securities offering in less than a year is backed by 124k consumer loans and micro loans for SMEs held by three of Raya’s subsidiaries — Raya Electronics, Aman Financial Services, and Aman Microfinance — with a delinquency rate of less than 3 percent.

Advisors: CIB was the lead underwriter and sole lead arranger for the transaction, while the National Bank of Egypt, Banque Misr, Misr Capital, Attijariwafa Bank-Egypt, and Suez Canal Bank were co-underwriters. Dreny & Partners were legal counsel, United Accounting was auditor, while Moody’s regional affiliate MERIS rated the offering