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Five banks fully covered Beltone Leasing and Factoring’s securitization issuance, valued at approximately EGP 1.33 billion. These banks are the National Bank of Egypt, Banque du Caire, First Abu Dhabi Bank, Suez Canal Bank, and the Industrial Development Bank, according to sources from Al Borsa.

The sources added that 28% of the issuance’s value was subscribed to by the National Bank of Egypt, amounting to about EGP 372 million. Banque du Caire acquired 22% of the issuance with a total subscription of around EGP 392 million, while First Abu Dhabi Bank subscribed to about EGP 346 million, representing 26% of the issuance’s value.

Suez Canal Bank subscribed to approximately EGP 213 million, accounting for 16% of the total issuance value, while 8% of the issuance, equivalent to EGP 106 million, went to the Industrial Development Bank.

“Beltone Promotion and Underwriting” and the Debt Arrangement and Issuance Markets Division acted as the financial advisor, lead manager, and promoter of the issuance.

The company confirmed in a statement that the issuance was oversubscribed by more than 1.5 times. The issuance was offered in three tranches:

• The first tranche valued at EGP 164 million with a tenor of 12 months,
• The second tranche valued at EGP 945 million with a tenor of 36 months,
• The third tranche valued at EGP 224 million with a tenor of 48 months.
  
  In this context, Amir Ghanem, Deputy Head of Non-Banking Financial Services for Leasing, Factoring, and Consumer Finance at Beltone, stated that the successful completion of the company’s first securitized bond issuance demonstrates the diversity of Beltone Leasing and Factoring’s portfolio.
  
  Ghanem noted that the oversubscription rate of more than 1.5 times is a testament to the market’s confidence in the company’s ability to attract a portfolio with strong creditworthiness.
  
  He added that the transaction reflects the company’s strong position and will pave the way for diversifying its financing sources, which in turn will drive growth and innovation, allowing Beltone to maintain its leadership in the non-banking financial services sector.
  
  For his part, Sherif Hassan, Group Treasurer and Managing Director of the Debt Arrangement and Issuance Markets Division at the Promotion and Underwriting Sector, said that the successful completion of this issuance marks an important step for Beltone Promotion and Underwriting.