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Sunday, 7 February 2021

Who doesn’t love a little bit of debt?

Banks dominate AT Lease securitization: Banks snapped up all of AT Lease’s EGP 1.1 bn securitized bond offering last week, with Suez Canal Bank coming out on top with a EGP 300 mn investment, Hapi Journal reported, citing unnamed sources. Banque Misr and its investment arm Misr Capital bought EGP 287 mn, Attijariwafa Bank EGP 200 mn, United Bank EGP 200 mn, and Bank ABC EGP 100 mn, the sources said. The leasing company closed the sale, which was part two of a larger securitization program, on Wednesday. The issuance comes as AT Lease is looking to boost its financial position and fund future expansion plans, including expanding its factoring services for SMEs.

Advisors: Misr Capital acted as lead manager, financial advisor, and arranger for the issuance, and Banque Misr was custodian, according to a statement (pdf). ALC Alieldean Weshahi & Partners were legal counsel, while Baker Tilly auditor. The Middle East Credit Rating and Investors Services (Meris) rated the issuance.

IN OTHER DEBT NEWS-

Sarwa Life Ins. Company’s recently launched money market fund was 3x oversubscribed at its closing last week, attracting almost EGP 300 mn of subscription requests, according to a statement (pdf). The fund, managed by Misr Capital, had a target closing of EGP 100 mn.

Jojoba oil producer GoGreen is in talks with the Agriculture Bank of Egypt (ABE) over a EGP 500 mn loan to finance the expansion of its Western Desert fish farm facilities at Al Moghra, the local press reports. The company is looking to tap into low interest financing supported by the Central Bank of Egypt to fund the 500-feddan expansion, GoGreen chairman Hossam Abdel Kader told the local press. A final agreement on loan terms is pending a feasibility study being conducted by the bank.

Correction: 7 February 2021. A previous version of this article incorrectly referred to Sarwa Life Insurance and Misr Capital’s fund as a fixed-income fund.

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