Al Oula closes EGP 1.77bn securitised bond issuance with CI Capital
What's the deal? CI CapitalDealroom has a profile for this one. Try Dealroom →, the Egyptian diversified financial services group, has completed a securitised bond issuance worth EGP 1.77 billion for El Taamir Securitization. Al Taamir for Leasing and Factoring (Al Oula)Dealroom has a profile for this one. Try Dealroom → is the originator and assignor of the underlying portfolio.
The issuance was structured in three tranches: EGP 637M (25 months, rated AA+), EGP 422M (37 months, rated AA-), and EGP 712.85M (55 months, rated A-). All ratings were assigned by Middle East Ratings and Investor Services (MERIS).
Investor demand was strong, with subscription coverage exceeding 1.70x the issuance amount.
Why now? Al Oula is riding a wave of rapid growth. Its total leasing and factoring portfolio has surpassed EGP 8.5 billion, having grown 45% during 2025 and a further 15% since the start of 2026. Net profits surged 184% in 2025.
The company also completed an EGP 400M capital increase and secured EGP 5 billion in new credit facilities from banks and financial institutions in 2025. This issuance — the first under Al Oula's new securitisation bond programme — is part of a broader push to diversify funding sources and fuel further expansion across Egypt's economy.
"The proceeds of the issuance will strengthen the company's financing capabilities and support its future expansion plans across various economic sectors," said Haitham Serag, chief executive officer of Al Taamir Leasing and Factoring.
What could go wrong? Egypt's non-banking financial sector is growing fast, but it remains exposed to macroeconomic risks. Currency volatility, inflation, and shifts in monetary policy could all pressure the repayment capacity of borrowers in the underlying portfolio. The lower-rated third tranche, carrying a tenor of nearly five years, bears the most duration risk.
Heavy reliance on securitisation and credit facilities also means Al Oula's growth trajectory depends on sustained investor appetite — something that can shift quickly in emerging markets.
The signal: Al Oula's 45% portfolio growth in 2025 and 184% net profit surge underscore the rapid expansion of Egypt's non-banking financial services sector, where leasing and factoring firms are increasingly turning to capital markets rather than relying solely on bank credit lines. The 1.70x oversubscription on this debut securitisation programme suggests institutional investors are willing to back that shift — a promising sign for other Egyptian originators looking to tap structured finance as a scalable funding tool.
Read more: Al Taamir
