The massive corporate bond issuance, worth EGP2.5 billion (US $49 million), was successfully completed by Egyptian fintech unicorn MNT-Halan. This is the largest corporate bond issuance in the Egyptian market to date.
MNT-Halan was established in 2018 with the goal of digitally banking the unbanked and replacing cash with electronic alternatives. Lending to small and micro businesses, payments, consumer finance, and e-commerce are all part of the MNT-Halan digital ecosystem.
MNT-Halan has provided services to over 8 million customers worldwide and disbursed over US $11 billion in loans since its founding. With multiple large funding rounds, including the most recent one in March that raised US $157.5 million, it has also turned into a unicorn.
Middle East Ratings and Investor Services (MERIS) rated the corporate bond issuance as investment grade BBB+. It was issued in two tranches, the first of which was worth EGP2 billion (US $39 million) and had a 12-month term, and the second was worth EGP500 million (US $10 million) and had a 36-month term.
“Issuing the largest corporate bond in Egypt marks a significant milestone for MNT-Halan. It reflects not only the ambition and capability of our management team, but also the strength of our financial position and operational performance,” said Mounir Nakhla, founder and CEO of MNT-Halan.
“More importantly, it opens a strategic new funding channel that we intend to leverage as we continue to scale. It’s been a complex and demanding process, and we’re proud to have delivered it successfully.”
