The Commercial International Bank (CIB) Egypt has successfully completed its ninth securitization transaction for GB Leasing, valued at EGP 1.82bn. This marks a significant milestone in the company’s ongoing three-year securitization bond issuance program, which totals EGP 15bn.
In collaboration with CI Capital, CIB acted as the financial advisor, manager, arranger, and promoter for the issuance. The bank also assumed the roles of custodian and co-underwriter, partnering with Arab African International Bank (AAIB), the National Bank of Egypt (NBE), and Banque du Caire. Other subscribers included Next Bank, the Egyptian Arab Land Bank, and the Export Development Bank of Egypt, with Banque du Caire serving as the recipient of the subscription.
The transaction was oversubscribed, with coverage reaching 1.3 times. The issuance was structured into four tranches, with maturities of 13, 26, 39, and 51 months. The bonds were assigned credit ratings of A-, A, AA, and AA+ for the respective tranches by the Middle East Rating and Investor Services Company (MERIS).
Dreni & Co. served as the legal advisor for the offering, while Russell Bedford was appointed as the auditor for the transaction.
Amr El-Ganainy, Deputy CEO of CIB, stated that the successful completion of this transaction demonstrates strong confidence in GB Leasing and the broader Egyptian financial leasing sector. He further emphasized that the outcome highlights the efficiency of the Egyptian banking sector and its ongoing commitment to supporting companies and non-banking financial instruments.
Heba Abdel Latif, Head of the Financial Institutions Sector at CIB, commended the significant role the bank played throughout the transaction and thanked the participating institutions for their contributions to the deal’s success. Gilan El Siginy, Head of Capital Markets at CIB, added that the 1.3x coverage reflects the strength of Egypt’s banking sector and underscores CIB’s capability in enhancing such deals, further reinforcing the bank’s leadership in the securitization market.
