CI Capital Successfully Concludes EGP 1.73bn Securitized Bond Issuance for Al-Tawfeek for Financial Lease (AT Lease)

CI Capital acted as sole financial adviser, issuance manager, and lead arranger in the issuance.

CI Capital (CICH.CA), the leading diversified financial services group, announced today the successful conclusion of Al-Tawfeek Securitization Company’s EGP 1.73bn securitized bond issuance, the originator of AT Lease’s Portfolio.

The issuance – AT Lease’s fourth – comes in 3 tranches: The first valued at EGP 283mn, with a tenor of 13 months, received an AA+ rating from Middle East Ratings and Investor Services (MERIS). The second tranche, valued at EGP 857mn with a tenor of 37 months, received an AA rating. The third tranche, valued at EGP 597mn with a tenor of 52 months, received a rating of A.

“Debt issuances enable non-bank financial institutions to maintain their capital adequacy ratio within limits set by the FRA, as well as utilize liquidity to reinforce the company’s financial position, maximize profitability and return on equity, in addition to supporting growth plans. The high ratings of this issuance’s tranches along with MEA Finance’s recognition of AT Lease’s previous issuance as the best securitization in the region, reflects the quality of our portfolio and investor confidence in the company’s track record and its ability to issue compelling investment solutions,” Commented Tarek Fahmy, Chief Executive Officer & Managing Director at AT Lease.

“CI Capital is proud of its long-standing partnership with AT Lease, one of the most prominent players in the Egyptian leasing market. CI Capital continues to provide debt capital market investors with compelling innovative investment opportunities through renowned issuers such as AT Lease, which in turn, reflects positively on the depth of the Egyptian market, through increasing debt investment options and increasing the number of investors,” Stated Amr Helal, CEO of the Investment Bank (Sell-Side) at CI Capital.

“Since the beginning of this year, CI Capital successfully concluded 11 transactions across ECM, DCM, and M&A spaces, with an aggregated value c.EGP 32bn,” Added Helal.

“CI Capital is proud of the successful conclusion of this issuance, which reflects AT Lease’s confidence toward CI Capital as sole financial adviser. This transaction marks CI Capital’s third debt issuance on behalf of companies operating within the Egyptian financial leasing sector since the beginning of 2023,” Stated Mohamed Abbas, Head of DCM at CI Capital.

CI Capital acted as sole financial adviser, issuance manager, and lead arranger in the issuance, while the National Bank of Egypt (NBE), Banque Du Caire, Suez Canal Bank, and Al-Baraka Financial Investments- S.A.E all played the role of underwriters. Alieldean Weshahi & Partners (ALC) acted as the legal advisor while Baker Tilly acted as the issue’s financial auditor.