CI Capital’s Corplease completes securitisation bond offering worth EGP 2.7bn

CI Capital Holding for Financial Investments announced that its leasing arm, Corplease, completed its 10th securitisation bond issuance at a value of 2.7 billion Egyptian pounds.

Proceeds from the transaction will be used to deleverage the company’s balance sheet, improve its equity balance, and support the company’s future growth plans, the diversified financial service group said.

The issuance, which is part of Corplease’s annual securitisation of a part of its leasing portfolio to provide alternative funding sources and diversify risks exposure, includes four tranches with maturities of 13, 37, 61, and 84 months, which are rated at AA+, AA, AA-, and BBB, respectively, by Middle East Rating & Investors Service (MERIS).

The 13-month bond is valued at 576 million pounds with a variable coupon rate of 15 basis points (bps) over the lending corridor of 9.25 percent.

The 37-month bond is worth EGP 1.27 billion and has variable coupon rate of 30 bps over the lending corridor of 9.25 percent.

The 61-month bond, valued at EGP 703 million, has variable coupon rate of 60 bps over the lending corridor of 9.25 percent.

The 84-month bond is worth EGP 163 million and has variable coupon rate of 80 bps over the lending corridor of 9.25 percent.