Attijariwafa Bank Egypt acts one of the guarantors of EGP 2.2bn worth multiple-tranche asset-backed securitised bonds issued by the Egyptian Securitization Company, and originated by CorpLease. The bank guarantees the issuance with EGP 200m, Marwa Nabil, head of debt and corporate finance at the bank said on Sunday. The eighth securitisation bond issuance for CorpLease was backed by a single pool of receivables valued at EGP 3bn due before the legal maturity of the notes. The underwriting in the issuance was closed on Sunday 29 December 2019. CorpLease is one of the largest financial leasing companies and the largest issuer of securitization bonds secured by financial leasing contracts with a total of eight securitisation transactions exceeding EGP 7bn. Nabil added that the participation of Attijariwafa Bank Egypt comes within the framework of the bank's strategy to promote economic growth in addition to contributing to debt instruments. She explained that the securitisation process will help Corplease expand further and maximise its financial position in the Egyptian market. Attijariwafa recently participated in similar processes, including EGP 4bn bonds for the New Urban Communities Authority (NUCA), and EGP 75m securitisation bond issuance for Raya Holding.
