FRA approves issuance of EGP 1.1 bn securitization bonds

The Financial Regulatory Authority approved the issuance of around EGP 1.1 bn in securitization bonds by the Egyptian Securitization Company. The bonds are backed by the portfolio of Corporate Leasing Company (Corplease). CIB acted as the subscriber and custodian of the transaction with AAIB, Suez Canal Bank, and Banque Misr as the consortium of manager, promoters, and guarantors. Zaki Hashem & Partners were the legal advisors to Corplease and the Egyptian Securitization Company and Ernst & Young acted as the transaction’s auditor.