Financial Times: Banque Misr awarded “Deal of the Year 2020 – Africa” for 2nd year

07 / 05 / 2020

By Marwa Nassar - -

Banque Misr has copped “Deal of the Year 2020 – Africa” award from The Banker magazine, an international publication owned by the Financial Times, for the second year in row.

The award attests to the bank’s outstanding performance as The Banker selects the best institutions in light of an assessment of a cluster of experts in various domains. Competing institutions undergo a meticulous analysis of the bank’s performance at all levels, according to a statement by Banque Misr.

Banque Misr snatched the award for the 2020 landmark securitization bond issue of the New Urban Communities Authority a securitization bond with issue size standing at EGP 4 billion.

The bank carried out the securitization operation in collaboration with the Sarwa Capital Holding for Financial Investments SAE (SRWA.CA).

The award crowns the bank’s efforts as the bank copped the award in 2019 due to its role as mandated lead arranger and underwriter for Sarwa Capital’s 27th securitization bond issue at value of LE 2.03 billion.

Sarwa Capital is the largest securitization and structured finance provider in Egypt. The LE 2.8 billion issuance pool of receivables for Sarwa’s issue of asset-backed securities (ABS), backed by auto loans; thus, Sarwa’s bond issue is considered the largest issuance ever to be executed in Egypt despite all challenges related to the hike at the local interest rate that faced the Egyptian market.

This securitization bond issue was achieved in the light of fruitful cooperation between Banque Misr and Sarwa Capital, the largest securitization provider in Egypt.

Banque Misr was recognized as the best Mandated Lead Arranger in the Egyptian banking market in Bloomberg’s Global Syndicated Loans League Tables for the third quarter of 2018, and was ranked second top Book runner. It was also ranked the fourth top Mandated Lead Arranger across Africa. Moreover, on the scale of the Middle East and North Africa region, Banque Misr ranked at seventh place among Book runners and 13th among Mandated Lead Arrangers in the MENA region for the third quarter of 2018.