Misr Capital, the investment arm of Banque Misr, announced on Sunday the completion of the 11th issuance of securitization bonds worth EGP 2.4bn in favour of CorpLease after obtaining the approval of the Financial Regulatory Authority.
The issuance comes in four tranches, the first with a value of EGP 330m with a maturity period of 13 months, the second with a value of EGP 1.08bn with a maturity period of thirty-seven months, the third with a value of EGP 744.6m with a maturity period of 61 months, and the fourth with a value of EGP 202.4m with a maturity period of 73 months. The tranches have obtained distinguished credit ratings from Meres – Middle East for credit rating and investor service, AA+ for the first tranche, AA for the second, AA- for the third and BBB for the fourth.
Khalil Al-Bawab, CEO and Managing Director of Misr Capital, expressed his happiness with completing the company’s seventh deals in the field of debt instruments in 2021, which is the largest non-sovereign bond issuance deal this year, especially after the team’s success in completing two deals within a short period of time before the current issuance for the benefit of Global Corp worth EGP 985m and Rawaj Consumer Finance with a value of EGP 305.5m.
Al-Bawab added that the Egyptian market is witnessing remarkable activity in the field of debt instruments during the current period, especially in light of the diversity of investors of all kinds, the entry of new issuers into the market and the raising of awareness about the role of issuances in providing liquidity and investment opportunities for all parties in the Egyptian market.
Misr Capital acted as the financial advisor, general coordinator and lead manager of the issue. Misr Capital and Banque du Caire acted as arranger and promoter, in addition to Misr Capital, Banque Misr, Banque du Caire, National Bank, Arab African International Bank and Commercial International Bank as underwriters. Zaki Hashem & Associates acted as the legal advisor and Grant Thornton acted as the issue’s auditor.
Banque Misr, Banque du Caire, National Bank of Egypt, Arab African International Bank, Commercial International Bank, Attijariwafa Bank of Egypt, Ahli United Bank, Abu Dhabi Commercial Bank, and Al Ahli Bank of Kuwait participated in the issuance.
