Corplease issuing securitized bonds worth EGP 1.148 bn

Banque Misr, National Bank of Egypt (NBE), and CIB are preparing to issue a multiple-tranche asset-backed securitized bonds with a total value of EGP 1.148 bn through the Egyptian Securitization Company on behalf of CIB subsidiary Corplease, NBE Deputy Chairman Mahmoud Montasser told Al Mal. NBE is issuing 40% of the securitized bonds, while Banque Misr will issue 33%, and CIB the remaining 27% of the total issuance, he added. The bond issuance is the sixth of its kind, with the previous issuances weighing a total value of EGP 2.7 bn, said Montasser. The issuance comes after receiving national scale ratings on the multiple tranches from Middle East Rating & Investors Service and EFSA approval.