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the Banker 2019
Banque Misr awarded by The Banker magazine for the second time to be winner of "Deal of the Year 2019 – Africa" award
Banque Misr successfully received "Deal of the Year 2019 – Africa" from The Banker magazine, an international publication owned by the Financial Times Ltd. This is considered the second time for Banque Misr to receive an award from the same institution for its role as mandated lead arranger and underwriter for Sarwa Capital's 27th securitization bond issue at value of EGP2.03billion. Sarwa Capital is the largest securitization and structured finance provider in Egypt. The EGP2.8bn 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 is expected to cooperate with Sarwa Capital for executing more securitization bond issues, in the light of launching new products in the Egyptian market, including Sukuk and short-term bonds. It is worth mentioning that Sarwa Capital arranged this securitized bond issuance in cooperation with Banque Misr, Arab African International Bank, Ahli United Bank, Commercial International Bank as mandated lead arrangers and underwriters. Sarwa Capital was the financial adviser and lead arranger and AAIB was book runner for the bond issue.
The first tranche of the issue is at a value of EGP700million over 13-month period. The second tranche is 36-month tranche at a value of EGP1.025million. Meanwhile, the third tranche was at value of EGP305million over a 60-month period. A, B and C tranches were rated AA+, AA and A respectively, which is considered the highest rating for a local, non-sovereign bond in Egypt.
This deal supported Banque Misr's continuous role in promoting the Egyptian economy as well as debt instruments as an important tool for financing investments. This is also in line with the bank's strategy for fulfilling all the investors' demands as well as boosting the success at arranging a total of 26 bond issues since 2010 till now with a value up to EGP19billion and total guarantee value of EGP19billion. In turn, Banque Misr has acquired the largest market share from 2014 till now.
Banque Misr pursues boosting the investment banks with bond providers for executing more securitization bond issues, in the light of launching new products in the Egyptian market, including Sukuk and short-term bonds, that will promote fixed-income securities, offering financial consulting services to the government and companies, as well as attracting foreign investments to the Egyptian market.
Banque Misr received several awards in different business sectors from several international institutions in recognition for its achievements and efforts during the previous period.
Banque Misr has been named the Bank of the Year in Egypt for the year 2018 in the rankings published by "The Banker", an international magazine owned by The Financial Times Ltd; Banque Misr also received Asiamoney's the "Egypt's best bank for Asia 2019" award for transaction services (Euromoney).
Regarding the management of money market funds, the bank reaped the fruits by receiving the award of "Best Provider of the Money Market Funds and Short-Term Investments in the Middle East and Africa 2019", where it is the 11th time the for Banque Misr to receive an award by Global Finance; noting that, Global Finance is one of the largest specialized financial magazines in the world, where its headquarters is based in New York. The magazine relies on certain international banking standards and the suggestions of significant international banking analysts, in terms of choosing the awarded banks.
It is worth mentioning that this award is granted to the best and most distinguishing bank in the Middle East, in terms of profitability, quality of customer services, market share, competitive pricing, and the use of the latest banking techniques in comparison to other banks in the market.
In continuation of its success, Banque Misr earned an award in treasury and cash management for being the "Best Provider of Money Market Funds in Africa and the Middle East" for both years 2009 and 2010, also was granted the "Best Provider of Money Market Funds in the Middle East" for the years 2008, 2012, 2013, and 2014. Banque Misr also received the award of "Best Provider of the Money Market Funds and Short-Term Investments" successively in 2015, 2016, 2017, and 2018.
BM's acquisition of these awards is deemed a certificate of entitlement to customers' trust and confidence on which the bank's attention is mainly focused. Banque Misr endeavours to provide the customers with all the recent and updated services and products that meet the customers' needs.
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