Arab African International Leasing (AAIL) wrapped up its first securitized bond issuance, raising EGP 804 mn, according to a press release (pdf). Proceeds will go toward diversifying AAIL’s funding base and supporting expansion in the leasing market. The company first signaled plans for a securitization in 2022.

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The three-tranche offering was 205% covered, reflecting a strong investor appetite. The issuance came in three tranches, with tenors ranging from 25 and 44 months and ratings ranging from AA+ to A from Middle East Ratings and Investor Services (Meris).

ADVISORS- CI Capital acted as the sole financial advisor, issuance manager, bookrunner, and lead arranger, while Baker Tilly served as the issuance's auditor. Barakat, Maher & Partners in association with Clyde & Co provided counsel.

IN OTHER DEBT NEWS-

Amer Group subsidiaries — Amer for Touristic Development and Tropi 2 for Touristic Development — closed an EGP 451 mn securitized bond issuance, as part of a three-year EGP 4 bn multi-issuance program, according to a press release (pdf). The three-tranche issuance received ratings ranging between AA+ and A- from Meris.

ADVISORS- Our friends at EFG Hermes acted as financial advisor, lead arranger, and underwriter for the transaction. Al Baraka Bank and CIB joined as underwriter, while CIB also served as custodian. Dreny & Partners provided counsel. Industrial Development Bank was the bookrunner, while KPMG acted as the auditor.

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