First Securitization/التوريقة الأولى

First Securitization/التوريقة الأولى

First Securitization

A.T. LEASE completed the first Assets backed Bonds (Securitization) in the Egyptian market.
Al-Tawfeek for Securitization Company, an SPV owned by A.T. LEASE, issued bonds for EGP 576,000,000 backed by a portfolio of 297 lease contracts (total pool of receivables worth EGP680,023,089 ,the net present value of outstanding receivables on the closing date of the transaction EGP 598,909,413).

The bonds were rated by the local arm of Moody's. Credit enhancement was provided in the form of excess contracts in addition to bank guarantees.

Commercial International Bank (CIB) acted as arrangers. CIB acted as advisor, custodian and back-up servicer. The bonds carry a fixed coupon payable monthly.

The bonds have been registered at Misr for Central Clearing, Depository and Registry (MCDR) and listed in the Egyptian exchange (EGX).

A.T. LEASE is a leading local leasing and asset finance company. Its main shareholders are El-Tawfeek House Holding Company for Development, Al Baraka Egypt Bank (previously known as Egyptian Saudi Finance Bank) and Arab Federation for Investments equity stake.

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