CI Capital closes EGP 1.73B securitized bond issuance for AT Lease

Updated 8/31/2023 9:00:00 AM

Arab Finance: CI Capital has successfully concluded an EGP 1.73 billion securitized bond issuance for Al-Tawfeek Securitization Company, the originator of AT Lease’s portfolio, according to an emailed press release.

Marking AT Lease’s fourth securitization, the offering consists of three tranches, the first of which is worth EGP 283 million, carries a tenor of 13 months, and received a rating of AA+ from from Middle East Ratings and Investor Services (MERIS).

Meanwhile, the second tranche is valued at EGP 857 million with a tenor of 37 months and an AA rating from MERIS, and the EGP 597 million third tranche has a tenor of 52 months and a rating of A.

“This transaction marks CI Capital’s third debt issuance on behalf of companies operating within the Egyptian financial leasing sector since the beginning of 2023,” Stated Mohamed Abbas, Head of DCM at CI Capital.

CI Capital acted as sole financial adviser, issuance manager, and lead arranger in the issuance, while the National Bank of Egypt (NBE), Banque Du Caire, Suez Canal Bank, and Al-Baraka Financial Investments all played the role of underwriters.

Alieldean Weshahi and Partners (ALC) served as the legal advisor and Baker Tilly was the issue's financial auditor.

“Since the beginning of this year, CI Capital successfully concluded 11 transactions across ECM, DCM, and M&A spaces, with an aggregated value of circa EGP 32 billion,” Amr Helal, CEO of the Investment Bank (Sell-Side) at CI Capital, said.