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Monday, 3 January 2022

Corplease closes EGP 2.4 bn securitized bond issuance

CI Capital’s leasing arm Corplease has closed a four-tranche EGP 2.4 bn securitized bond issuance, investment bank Misr Capital said in a statement (pdf). The four tranches were rated AA+, AA, AA- and BBB by MERIS.

Who took part? Banque Misr, Banque du Caire, National Bank of Egypt, CIB, AAIB, Attijariwafa Egypt, Ahli United Bank, ADCB and Al Ahli Bank of Kuwait all got a piece of the issuance.

Advisors: Misr Capital was the lead manager, coordinator, and financial advisor. Misr Capital and Banque du Caire acted as promoters and arrangers for the issuance. Misr Capital, Banque du Caire, Banque Misr, National Bank of Egypt, CIB and AAIB were co-underwriters. Law firm Zaki Hashem & Partners acted as counsel, while Grant Thornton was the auditor.

Corplease last tapped the debt markets at the beginning of 2021 with a EGP 2.7 bn issuance, which was the largest of its kind by a private sector company.

The pipeline of other transactions is growing: The Financial Regulatory Authority (FRA) said late last month (pdf) it would approve 11 sales worth a combined EGP 11.5 bn before the end of 2021. The latest: The regulator has okayed Cairo Housing and Development making its first securitized bond issuance to the tune of EGP 146 mn, and its sister companies making an EGP 190 mn issuance, according to a regulatory filing (pdf). EFG Hermes is financial advisor, lead manager, promoter and underwriter for the program.

A total of 19 securitized bond issuances with a combined value of EGP 15.8 bn went to market last year by our count. Three of those issuances, together worth nearly EGP 1.75 bn, took place last week as the market saw a flurry of activity to close out 2021.

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