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Monday, 13 September 2021

EgyLease to issue EGP 750 mn in securitized bonds

Financial leasing company EgyLease is working to issue EGP 750 mn in securitized bonds, a move that is being carried out by Misr Capital and state-affiliated securitization firm Al Taamir, Al Taamir Chairman Mazen Hassan told Hapi Journal, without providing further details.

Al Taamir is busy right now: The special purpose vehicle — owned by the New Urban Communities Authority (NUCA) — is also in talks to manage issuances for Al Oula, Palm Hills, and Mountain View. Hassan told us last month that Al Oula is planning a EGP 650 mn securitized bond sale, which still needs to be signed off on by the company’s board.

The securitized bond market has been picking up this year: Earlier this year, Raya subsidiary Aman completed the issuance of EGP 585 mn in securitized bonds, while upmarket developer SODIC has closed a EGP 343 mn securitized bond sale.

And there are a few we’re still keeping an eye out for: EFG Hermes subsidiary Valu has said it is planning a maiden securitized bond issuance worth EGP 2 bn and EFG Hermes Corp-Solutions revealed plans to raise EGP 500-700 mn from a securitized bond issuance in 4Q2021. SODIC, Contact Financial Holding, Edge Holding and Raya’s Aman have all been reported as having plans to securitize parts of their portfolios.

Need a refresher on how securitized bonds work? We’ve got you covered right here.

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