Arab Finance: Al Tawfeek Leasing Company (A.T.LEASE) (ATLC) has completed the third issuance of its securitized bonds program worth EGP 1.629 billion, CEO and Managing Director Tarek Fahmy revealed in a statement filed to the Egyptian Exchange (EGX) on June 1^st.

Proceeds from the securitization process will be directed to reinforcing the financial position of the company as well as supporting its future growth plans and boosting profitability, Fahmy said.

Misr Capital and Al Ahly Pharos have acted as the bookrunner, financial advisor, arranger, main promoter, and guarantor of the issuance for AT LEASE.

The securitization issuance is offered in three floating-rate tranches with different maturity dates of 13 months, 37 months, and 60 months that received ratings of AA+, AA, and A, respectively, from MERIS.

The 13-month bonds are valued at EGP 271.4 million, while the 37-month and 60-month bonds are worth EGP 728.4 million and EGP 630 million, respectively.

In March, it was reported that the company was planning to issue EGP 1.6 billion securitized bonds in the second quarter (Q2) of 2022.

In 2021, AT LEASE issued securitized bonds worth over EGP 1 billion in three tranches.

AT LEASE is an Egypt-based Islamic sharia-compliant leasing company, which provides a variety of international leasing solutions and products. The company offers its products under the following categories: financial lease/capital, true ease, structured lease, and vendor lease.