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Tamweel’s USD210 million asset-backed securitization issue closes successfully

United Arab Emirates: Thursday, July 26 - 2007 @ 15:24

The Class A bonds will pay a variable return rate to investors of one month US$ Libor +35bps.

Adel Al Shirawi, Chief Executive Officer of Tamweel, said: “We are delighted to announce the successful closure of Tamweel’s asset-backed securitization, which has been placed with European investors primarily. Tamweel successfully established a competitively priced benchmark and a new pricing reference for future issuances, diversifying its investor base and matching the funding to asset duration.”

He continued: “This issue, which was vetted by Tamweel’s Sharia advisory board, is also one of the first securitizations of its type in the world. Tamweel’s tapping into international capital markets coincides with our regional expansion plans, providing better and more cost-efficient funding mechanisms for our regionally based assets.”

Al Shirawi expressed his particular appreciation to the Lands Department, which has played a major role in facilitating the development of a secondary market for home financing, and continues to foster the growth of the real estate market in the UAE. He also extended his appreciation to Government of Dubai, Department of Finance.

Gaurav Agarwal, Chief Financial and Support Services Officer, Tamweel, said: “The leadership demonstrated by Adel Al Shirawi and the guidance provided by the Board of Directors to envision this securitization and then make it happen is truly ahead of its time. This is an important source of funding for Tamweel and will contribute immensely to growth and funding needs of Tamweel.”

Morgan Stanley & Co. International plc was appointed as joint manager and joint bookrunner for the issue and provider of hedging solutions. Standard Chartered Bank was joint manager and joint bookrunner for the issue and provider of liquidity facilities. Emirates National Securitization Corporation (ENSEC) structured this landmark transaction.

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Thursday, July 26- 2007 @ 15:24 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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