Cairo - Mubasher: International Company for Leasing (Incolease) has successfully completed its first securitization transaction of its financial leasing portfolio at a total value of EGP 2 billion, according to a bourse filing.
The deal is part of the company’s strategy to diversify funding sources and strengthen its financial position to support future growth and expansion.
Moreover, the issuance comes as part of a multi-tranche securitization program totaling EGP 10 billion and being executed over three years.
Leading financial and advisory institutions carried out the securitization deal, including Ahly Pharos Investment Banking (APIB) which acted as the financial advisor, Baker Tilly served as the auditor, while Matouk Bassiouny & Hannaoui provided legal consultancy.
MERIS handled credit ratings for the bonds and the portfolio, while Commercial International Bank (CIB) acted as the issuing bank.
Several banks participated in the subscription, including Arab African International Bank (AAIB), National Bank of Egypt (NBE), Société Arabe Internationale de Banque (SAIB), Banque Misr, Al Baraka Bank, and Attijariwafa Bank Egypt.
The issue was oversubscribed by 200%, which reflects strong confidence in the quality of Incolease’s portfolio and its robust credit position.
Incolease stated that this securitization strengthens the company’s liquidity and diversifies its funding sources, which in return supports its ability to expand financing activities and deliver innovative client solutions without negatively affecting its financial position.
