Egypt's SME lender Tasaheel concludes $49mln bond issuance
Egypt's SME lender Tasaheel has finalised its EGP 2.5 billion ($49 million) corporate bond offering, the largest of its kind in the country to date.
Rated BBB+ by Middle East Ratings and Investor Services (MERIS), the issuance was split into two, with the EGP 2 billion tranche maturing in one year and the remaining EGP 500 million set to mature in three years.
Proceeds of the offering will help the lender meet increasing demand for business loans, according to Islam Ayyoub, Tasaheel Managing Director.
CI Capital was appointed manager and bookrunner for the issuance, while KPMG – Hazem Hassan acted as the financial auditor, and Matouk Bassiouny & Hennawy as legal advisor.
Part of MNT-Halan and MENA's first fintech unicorn, Tasaheel offers business and consumer loans, prepaid cards, e-wallets, savings and e-commerce services.
(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com
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