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Tuesday, 10 January 2023

GB Lease issues EGP 1.7 bn in securitized bonds

GB Auto subsidiary GB Lease has closed an EGP 1.7 bn securitized bond issuance, according to a joint statement (pdf) by Al Ahly Pharos and CIB. The two institutions were joint financial advisors on the transaction alongside the National Bank of Egypt (NBE).

The details: The three-tranche issuance is backed by a receivables portfolio of EGP 2.4 bn, with the tranches rated from AA+ through A by Middle East Rating & Investors Service. NBE, CIB, Banque Misr, Banque de Caire, Abu Dhabi Commercial Bank, and NI Capital all subscribed to the issuance, which marks GB Lease’s third securitization following an EGP 4.3 bn issuance in January 2022 and an EGP 2 bn issuance in January 2021.

We’re coming off a bumper year for securitization: The securitization market saw issuances worth a combined EGP 47.5 bn in 2022, three times the EGP 15.8 bn sold the year before, according to data tracked by Enterprise.

More advisors: Dreny & Partners acted as the legal advisor on the issuance, and KPMG were auditors.

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