AT Lease completes 2nd securitisation issuance worth EGP 1.087bn

Al-Tawfeek for Financial Lease Company (AT Lease) has completed its second securitisation bonds issuance with a total value of 1.087 billion Egyptian pounds, Tarek Fahmy, its CEO and Managing Director.

The company said that the proceeds of the securitisation process will be used to strengthen the company’s financial position.

It will also go towards supporting future growth plans, whilst maximising profitability and return on property rights.

Banque Misr’s investment arm, Misr Capital, played the role of issuance manager, financial advisor, arranger, and promoter of the main issuance.

It was also guarantor of the underwriting coverage for the second issuance of Al-Tawfeek for Securitization, secured by a future financial rights portfolio for financial leasing contracts, transferred by Al-Tawfeek for Financial Lease.

The company indicated that the issuance was completed in cooperation with Banque Misr as arranger, in addition to Misr Capital, Suez Canal Bank, Commercial International Bank, and Attijariwafa Bank – Egypt to guarantee coverage of the issuance.

Banque Misr received the subscription, while Alieldean Weshahi & Partners (ALC) acted as the legal advisor for the issuance. Baker Tilly Wahid Abdel Ghaffar & Co acted as auditor.