Al Ahly Pharos Investment Banking, the investment banking arm of the National Bank of Egypt, has successfully completed a securitisation issuance valued at EGP 2bn for Incolease, marking the first issuance under Al Ahly Securitization Company’s ninth programme.
The issuance is backed by a receivables portfolio worth EGP 2.86bn assigned by Incolease.
Al Ahly Pharos acted as financial advisor, lead arranger, and book-runner for the transaction, which saw participation from a consortium of banks including the National Bank of Egypt, Al Baraka Bank Egypt, Société Arabe Internationale de Banque, and Arab African International Bank as underwriters.
The National Bank of Egypt also acted as placement agent, while Arab African International Bank served as custodian. Legal advisory was provided by Matouk Bassiouny & Hennawy. Audit services were delivered by Baker Tilly Egypt (Mohamed Hilal & Wahid Abdelghaffar) and Fathalla & Co., while MERIS acted as the credit rating agency.
The issuance was structured across three tranches, rated AA+, AA, and A- by MERIS. The first tranche amounted to EGP 987m with a tenor of 25 months, the second EGP 552m with a tenor of 37 months, and the third EGP 461m with a tenor of 51 months.
Ahmed Heider, CEO of Al Ahly Pharos Investment Banking, said the successful issuance reflects strong investor confidence in both the transaction structure and the quality of the underlying securitised assets.
He added that the deal marks Incolease’s first securitisation and represents the first leasing securitisation transaction in Egypt’s debt capital market in 2026, underscoring the firm’s ability to deliver innovative financing solutions and strengthen its long-standing partnership with Incolease.
Ahmed Ayman, Head of the Debt Capital Markets Division, said the transaction highlights strong collaboration across participating institutions and reinforces the firm’s leading position in Egypt’s debt capital markets as activity picks up in the new year.
The deal further cements Al Ahly Pharos Investment Banking’s role in advancing growth and innovation in Egypt’s securitisation and broader debt capital markets.
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