AT Lease takes EGP 1 bn securitized bond to market
AT Lease has issued its second securitized bond offering worth EGP 1.09 bn after receiving the greenlight from regulators to move forward with the issuance, the company said in an EGX disclosure (pdf) yesterday. The three-tranche issuance, initially slated for 3Q2020, has seen AT Lease offer an initial 13-month EGP 267 mn bond, a 37-month, EGP 705.4 mn tranche and a four-year EGP 114.6 mn tranche. The first tranche was rated AA+ while the second and third tranches received AA and A ratings by ratings agency Meris.
Advisers: Banque Misr subsidiary Misr Capital handled the issuance which was backed by Banque du Caire, Suez Canal Bank, and Attijariwafa Bank Egypt. ALC Alieldean Weshahi & Partners were counsel for the offering.
Securitized debt has been all the rage recently with industry players Sarwa Capital, Palm Hills Development, CI Capital’s Corplease, GB Auto subsidiaries GB Lease and Drive Finance, Amer Group, and Talaat Moustafa Group all moving forward with their own issuances this past month.