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Tuesday, 5 January 2021

AT Lease gears up for new securitization

AT Lease gets preliminary approval for 1Q2021 securitized bond sale: AT Lease is looking to issue securitized bonds before the end of the quarter after receiving an early go-ahead from regulators, the company said in an EGX filing (pdf). The company said last year that it was looking to offload EGP 1 bn of its portfolio for the three-tranche issuance that was initially expected to go ahead in 3Q2020. The leasing company also plans to expand its factoring services for SMEs — which it launched last October after obtaining its license — during FY2021.

The securitized bond market heated up last year, with CI Capital’s Corplease just last weekend closing a record EGP 2.7 bn sale and GB Auto subsidiaries GB Lease and Drive taking to market a combined EGP 2.9 bn of bonds. The Financial Regulatory Authority said last month that five companies were planning seven issuances worth a combined EGP 9.3 bn are in the pipeline. Amer Group Holding, City Edge, and Talaat Moustafa Group subsidiary Al Rehab Securitization are among the names expected to tap the market.


Al Marasem Development is getting a EGP 2.3 bn syndicated loan this month to develop its Fifth Square project in New Cairo, CEO Tarek Helmy told Hapi Journal. The facility was provided by a syndicate led by Banque Misr that could also include the Export Development Bank Of Egypt, Arab Investment Bank, Al Baraka Bank Egypt, Industrial Development Bank, and MIDbank.

El Marakby Steel has landed an EGP 370 mn syndicated facility from the National Bank of Egypt, MIDbank, and the Egyptian Arab Land Bank, reports Al Mal. Proceeds will be used to finance working capital and new investments.

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