Misr Capital, the investment arm of Banque Misr, has completed, in cooperation with El Taamir for Securitization Company, a securitized bonds issuance worth EGP 749.8m for the financial leasing company, EgyLease, after obtaining the approval of the Financial Regulatory Authority.
The issuance comes in four tranches with maturities ranging from 9 months for the first tranche, 13 months for the second tranche, 37 months for the third tranche, and 60 months for the fourth tranche. All tranches were rated by MERIS, at P1 for the first tranche, AA+ for the second, AA for the third, and A for the fourth tranche.
In this context, Khalil Al-Bawab, CEO of Misr Capital, expressed his pride in the successful completion of the issuance, which comes as the fourth deal implemented by Misr Capital during the current year, praising the work team and its ability to achieve important steps within the company’s strategy in developing the Egyptian debt instruments market.
Eman Ismail, CEO of EgyLease, also expressed her pride in the performance of her company’s team, and extended her sincere thanks to all those in charge of the company’s first securitized bonds issuance.
Ismail explained that EgyLease is not aiming to increase the size of the financial leasing contract portfolio during 2022, which would allow it to issue the second bond during the coming period.
Amir Sherif, Head of Capital Markets and Debt Instruments at Misr Capital, said that the company succeeded during 2021 in consolidating its leadership in the debt market. He pointed out that the issuance attracted many banks in addition to companies not operating in the banking field.
Previously, Misr Capital carried out securitized bonds issuances for Tawfik Leasing and Palm Hills, in addition to a sukuk issuance for Contact Holding, totalling over EGP 5.2bn.
Misr Capital acted as the financial advisor, issuance manager, arranger, and promoter in the last issuance. Banque Misr, the National Bank of Egypt, Banque du Caire, and the Suez Canal Bank played the role of the coverage guarantor.
Al-Derini & Partners’ office acted as the legal advisor for the offering and Waheed Abdel Ghaffar-Baker Tilly’s office acted as the issue’s auditor.
Subscription to the issuance witnessed a high turnout among the investors, as the first tranche was covered about three times and the rest of the tranches were covered about 1.5 times.
