Egypts leasing and asset finance company, Corplease (Corporate Leasing Company Egypt S.A.E) completed Egypts first lease-backed securitisation via its SPV, the Egyptian Securitization Company (ESC).
Egypt’s leasing and asset finance
company, Corplease (Corporate Leasing Company Egypt S.A.E)
completed Egypt’s first lease-backed securitisation via its SPV,
the Egyptian Securitization Company (ESC).
ESC issued bonds – rated ‘AA’ by the local arm of Moody’s – for
£33.6m, which was also backed by a portfolio of 516 lease
contracts. Excess contracts and bank guarantees, acted for by
Egypt’s Commercial International Bank (CIB) and HSBC, provided
credit enhancement for the securitisation.
Corplease’s managing director, Mr. Tarek Azmy said: ‘This was a
very successful first issue of lease-backed securitization in Egypt
which is an important part of our diversified funding
strategy.”
The bonds carry a fixed coupon of 9.75 per cent payable monthly
and have an average life of slightly over two years.
In context of the turmoil in the global asset-backed securities
markets and rising domestic interest rates, analysts commented that
the bonds gave excellent results.
Corplease’s main shareholders include Egypt’s CIB, Germany’s DEG
and France’s UBAF.
Sign up for our daily news round-up!
Give your business an edge with our leading industry insights.
