The Financial Regulatory Authority (FRA) approved the 7th issuance of securitisation bonds by the Egyptian Securitisation Company for the amount of about EGP 1.1bn.
These bonds are considered one the biggest bond issuances in the Egyptian market.
Moreover, the bonds are backed by the portfolio of Corporate Leasing Company Egypt S.A.E. (CorpLease).
Furthermore, Commercial International Bank (CIB) was the subscriber and custodian for the transaction.
Meanwhile, the managers, promoters, and guarantors of this issuance consisted of the National Bank of Egypt (NBE), the Arab African International Bank (AAIB), Suez Canal Bank, Banque Misr, and CIB.
Moreover, Ernst & Young acted as the auditor of the transaction, meanwhile Zaki Hashem & Partners (ZH&P) acted as the legal adviser to CorpLease and the Egyptian Securitisation Company for the bond issuance, as well as on the previous fourth, fifth, and sixth issuances.
It is worth mentioning that the bonds received ratings by Middle East Rating and Investors Service (MERIS) ranging between A to AA+
Moreover, CorpLease is the first company to issue securitisation bonds for financial leasing contracts in Egypt.
The company was established in 2004 to meet the needs of financial leasing on a number of companies’ assets, including financing equipment, machinery, vehicles, and IT systems.