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Wednesday, 8 January 2020

Misr Capital closes EGP 2.2 bn securitized bond issuance for Corplease

DEBT WATCH- Misr Capital closes EGP 2.2 bn securitized bond issuance for Corplease: Misr Capital has concluded a EGP 2.2 bn securitized bond issuance on behalf of CI Capital’s Corplease, according to Al Mal. The four-tranche issuance was backed by EGP 3 bn in receivables from leasing contracts. The tranches include EGP 386 mn in 13-month bonds, EGP 886 mn in 37-month bonds, EGP 749 mn in 61-month bonds, and EGP 182 mn in seven-year bonds.

Advisors: Misr Capital acted as primary lead manager, arranger, and underwriter for the issuance. The National Bank of Egypt (NBE) and the Arab African International Bank (AAIB) were on board with the Banque Misr-affiliated investment bank as lead managers. NBE and AAIB, along with CIB and Banque du Caire, also acted as co-underwriters.

GB Leasing issues EGP 734 mn in securitized bonds: Banks including AAIB, Banque Misr, NBE, and CIB closed a securitization transaction worth EGP 734 mn for GB Auto's GB Leasing, according to Al Mal. The issuance was split into three tranches, with the company selling EGP 250 mn in 13-month bonds, EGP 429 mn in three-year bonds and EGP 55 mn in four-year bonds. Sources told the newspaper that the proceeds will be used to repay debts and access new bank credit.

Advisors: CIB and AAIB acted as managers, promoters and underwriters for the issuance. Banque Misr and NBE also acted as co-underwriters.

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