Al Taamir Leasing and Factoring Al Oula completed an EGP 1.3 bn securitized bond issuance, according to a statement (pdf) from legal counsel Dreny & Partners. The transaction is part of the company’s three-year, multi-issuance EGP 5 bn program.

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The details: The three-tranche issuance, which was nearly 200% covered, had tenors ranging between 25 and 48 months and ratings between A and AA+. It was backed by a portfolio of financial leasing contracts originated by Al Taamir Leasing and Factoring.

What they said: “The success of our second issuance under the securitization program reflects investor confidence in the company and its ability to deliver sustainable growth. The company’s portfolio has reached around EGP 7 bn, with a target of EGP 8.5 bn by year-end,” CEO Haitham Serag said.

ADVISORS- CI Capital acted as the financial advisor, lead arranger, promoter, and issuance manager on the transaction. Banque Misr, Banque du Caire, the National Bank of Egypt, the Arab African International Bank, and CIB were underwriters. Banque du Caire was also the bookrunner, while CIB was the custodian. Dreny & Partners provided counsel, and Baker Tilly was the auditor.

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