GB Lease has completed a EGP 767 mn securitized bond issuance to improve its short-term liquidity position, according to a press release (pdf). The offering included three tranches: a EGP 203 mn 13-month bond with a variable yield of 40 bps, a EGP 353 mn 3-year bond with a 90 bps yield and a EGP 211 mn 5-year bond yielding 145 bps. The tranches received ratings of AA+, AA, and A respectively. “I am very pleased that GB Lease’s second securitized offering received a strong rating from international agencies that reflects a high quality portfolio of receivables,” Managing Director Sherif Sabry said.

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