Al Ahly Pharos Investment banking, one of the subsidiaries of Al Ahly Capital Holding, a leading investment bank in Egypt and Commercial International bank announced today that they as the financial advisor, transaction manager and book-runner collectively and successfully closed GB lease’s third securitization issuance of the first program and seventh overall issue worth EGP 1.661 billion backed by a receivables portfolio of EGP 2.379 billion assigned to Capital Securitization as the issuance’s special purpose vehicle (SPV) by GB Lease (one of GB Auto’s subsidiaries). Remarkably, Al Ahly Pharos, National Bank of Egypt, and CIB acted as the transaction underwriters, while CIB acted as custodian and the placement agent, Dreny & Partners acted as the legal advisor, KPMG as the auditor of the transaction, and MERIS as the rating agency.

Ahmed Heider CEO & Managing Director of Al Ahly Pharos Investment Banking Group has expressed his contentment about the closure and issuance of the transaction and articulated his appreciation to all parties involved in the issuance with tremendous gratitude for the FRA for their continuous efforts and support throughout the transaction process. He also stressed over how the transaction happened because of the on-going good relations with GB Lease as the issuance came in support of the company’s growth plan; finally, Mr. Heider uttered his gratefulness for the DCM team at Al Ahly Pharos for their tremendous efforts.

In the same regard, Amir Sherif Managing Director and Head of the DCM Division at Al Ahly Pharos has expressed his pride for the current working team at the company for their massive efforts in ensuring the closure of this securitization issue which is another success story in company’s continuation in DCM services.

Commenting on the transaction, Mennan Awadallah, Head of Debt Capital Markets at the Commercial International Bank, said: “we are very pleased to announce the successful closure of GB Lease’s third securitized bond which cements our commitment on becoming a long-standing success partner to GB Lease. The subscription emphasizes investors’ confidence in the company and supports the company’s growth plans, solidifies its liquidity position and deleverage its balance sheet.

CIB’s DCM Head added “This issuance is considered the first collaboration between CIB and Ahly pharos as MLAs. A partnership that exemplifies both entities dedication on promoting inclusive and sustainable economic growth in debt capital markets”

Furthermore, National Bank of Egypt, Commercial international bank, Banque Misr, Banque de Caire, Abu Dhabi Commercial bank, and NI capital all subscribed to the securitization issue, which is comprised of three tranches, the first tranche is worth EGP 306 million, the second is worth EGP 811 million while the third is worth EGP 544 million. Tranches are rated by Middle East Rating Services (MERIS) as (AA+), (AA) & (A) respectively.

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About Al-Ahly Pharos Investment Banking S.A.E.

Al Ahly Pharos Investment Banking is a leading investment bank operating in both Debt Capital Markets, Equity Capital Markets, as well as mergers and acquisitions sector in Egypt, providing clients with fully integrated financial services capitalizing on Al Ahly Financial Services Group.

Al Ahly Pharos Investment Financial Services is a subsidiary of Al Ahly Financial Services, and it is the investment bank of National Bank of Egypt Group, offering a fully integrated financial services, with the leading market position in investment banking, brokerage and research, asset management.

About CIB

CIB, the leading private-sector bank in Egypt represented by The Debt Capital Markets (DCM) Group offers a wide range of financial instruments and tailors financing facilities to cater to its customers' financial requirements. DCM specializes in underwriting, structuring and arranging medium and large ticket syndicated loans, securitization bonds and corporate bonds for green and brown fields projects. CIB DCM has acquired a unique edge with its flexibility to structure hybrid transactions with senior and subordinated facilities combining different tenors and currencies to offer its clients optimum financing structures with maximum benefits.

During 2022 CIB has successfully closed 11 bond issuances with a total amount exceeding EGP 32 billion in various sectors including Leasing, Consumer Finance, Mortgage Finance and Microfinance in addition to closing the largest securitized bond in the history of the Egyptian Market favor a governmental entity with an issue size of 20 billion.

About GB Lease

GB Lease is one of the GB Group’s companies which established in 2008 and offers business to business medium to long term financial leasing solutions to a variety of assets including but not limited to real estate, automotive, and production lines.