CI Capital’s leasing arm Corplease raised EGP 2 bn in a short-term note issuance, which was issued in a single tranche with a 12-month tenor, according to a statement from the parent company. The tranche received a P2 rating from the Middle East Ratings & Investor Services (Meris).

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The issuance was fully covered by non-banking institutions, which CI Capital Debt Capital Markets head Mohamed Abbas said illustrates the “diversity of the investor base and their confidence in the local market.”

What sets short-term issuances apart: Unlike other corporate issuances, short-term notes — or commercial paper — have a much shorter maturity, typically for a period of less than one year, are rarely secured, and go toward working capital to address immediate needs. It’s often only large and very creditworthy companies that put together these types of issuances, because reputation is all that investors can really rely on.

ADVISORS- CI Capital acted as financial advisor, issuance manager, bookrunner, and lead arranger. Zaki Hashem & Partners served as counsel, Baker Tilly-Hilal & Abdel Ghaffar as financial auditor, and Banque Misr as subscription recipient.

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