Al Ahly Pharos, CIB close EGP 1.6B securitization issuance for GB lease
Updated 1/10/2023 12:00:00 PM
ArabFinance: Al Ahly Pharos Investment banking and Commercial International Bank Egypt (CIB) (COMI) announces closing an EGP 1.661 billion securitization issuance for GB lease, according to a press release posted by Zawya on January 9th.
The issuance is the third in a program backed by a receivables portfolio of EGP 2.379 billion assigned to Capital Securitization, GB Lease’s special purpose vehicle (SPV).
Al Ahly Pharos and CIB acted as financial advisors, transaction managers, and book-runners of the issuance. GB Lease is a subsidiary of GB Auto (AUTO).
Meanwhile, the National Bank of Egypt (NBE) was among the transaction’s underwriters. Dreny & Partners acted as the legal advisor, KPMG as the auditor of the transaction, and MERIS as the rating agency.
The issuance was subscribed by NBE, CIB, Banque Misr, Banque du Caire (BDC) (BQDC), Abu Dhabi Commercial Bank, and NI Capital.
The issuance consists of three tranches valued at EGP 306 million, EGP 811 million, and EGP 544 million.
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