AT Lease closes EGP 1.74 bn securitized bond issuance

September 3, 2023

Securitization round 4 for AT Lease: Islamic leasing outfit AT Lease has successfully closed a EGP 1.74 bn securitized bond issuance, it said in a press release (pdf) on Thursday. The three-tranche issuance received AA+, AA, and A ratings from local rating agency Middle East Ratings and Investor Services (MERIS). The company will use the proceeds to bolster its financial position and support future growth plans, it said.

Advisors: CI Capital ran the show, acting as the sole financial advisor, issuance manager, and lead arranger. The National Bank of Egypt, Banque du Caire, Suez Canal Bank, and Al Baraka Financial Investments were underwriters. ALC Alieldean Weshahi & Partners was counsel and Baker Tilly was the auditor.

DATA POINT-This brings the total value of securitized bonds issued in Egypt so far this year to more than EGP 50.3 bn, according to data tracked by Enterprise. This is 10% more than total volumes across the whole of 2022.

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