Al Ahly Pharos Spurs Egypt’s Debt Market with EGP 3.52B Bond Issuance

Editorial Team

Last updated 4-01-2026

3 min

Al Ahly Pharos completed its role in Capital Securitization’s EGP 3,52 billion bond issue.

Involved as advisor, arranger, underwriter, and book-runner, alongside several banks.

Legal and auditing support came from Matouk Bassiouny & Hennawy and Baker Tilly, respectively.

The transaction included two tranches, with MERIS ratings of P1 and A-.

These developments signify the growing maturity of Egypt’s capital market infrastructure.

Al Ahly Pharos Investment Banking has wrapped up its role in Capital Securitization Company’s latest bond issuance, a sizeable one worth EGP 3.52 billion. The deal forms the fourth securitisation under the company’s 12th programme, backed by a portfolio valued at EGP 4.27 billion assigned by Tasaheel for Financing. On paper it sounds a bit of a faff, but these structures have become pretty standard in Egypt’s growing debt market.

The investment banking arm of the National Bank of Egypt took on several hats for this transaction — financial advisor, lead arranger, underwriter, and book‑runner. From what has been shared publicly, they worked alongside a group of underwriters including the National Bank of Egypt itself and Suez Canal Bank. A handful of other banks, such as Bank NXT, Housing and Development Bank and Bank ABC, participated as subscribers. The National Bank of Egypt acted as placement agent too, while Suez Canal Bank handled the custodian role.

It’s always interesting to see how many hands come together on these deals. Legal advice came from Matouk Bassiouny & Hennawy, auditing from Baker Tilly, and credit ratings from MERIS, which assigned the two‑tranche structure ratings of P1 and A‑. The first tranche came in at EGP 1.845 billion with a 12‑month tenor, while the second stood at EGP 1.675 billion over 24 months. Spot on for the kind of structure we’ve seen in similar issuances recently — though I reckon some investors might have wanted slightly longer tenors, but that’s another story.

Every time I write about these securitisation deals, I’m reminded of a chat I once had with a founder in Cairo who told me that understanding debt markets felt “like learning a new language”. And believe it or not, that’s exactly why at Arageek we keep an eye on these developments; they shape the broader environment that startups eventually grow into. On the flip side, the scale of activity from institutions like Al Ahly Pharos shows just how much the local capital market infrastructure has matured.

The firm itself, part of the National Bank of Egypt Group, continues to hold a strong position across Egypt’s investment banking scene — from equity and debt markets to M&A advisory. It leans heavily on the group’s wider network, and that gives it an edge that many competitors would be chuffed to bits to have. Well… I mean, no institution gets everything right, but their role across securitisation and sukuk issuances has definately cemented their reputation.

As always, the deal highlights a landscape that keeps evolving, brick by brick, offering more financing tools not just for large institutions but, indirectly, for the entrepreneurial ecosystem too. And for those of us cheering on MENA startups from the sidelines, that’s a development worth paying attention to.

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