Zaki Hashem & Partners Legal Advisor to the Egyptian Securitization Company in its eighth Bond Securitization Issuance

On 30/12/2019, the Financial Regulatory Authority has granted its approval to the eighth issuance of securitization bonds by the Egyptian Securitization Company, the bonds are considered one of the biggest bond issuances in the Egyptian market and are backed by the portfolio of Corporate Leasing Company Egypt SAE “Corplease”.

The main Manager, Promoter and Guarantor of this issuance is Misr Capital Investments SAE while the Promoters are Banque Misr, the National Bank of Egypt (NBE) and the Arab African International Bank (AAIB). The Guarantors of this issuance are Banque Misr, the National Bank of Egypt (NBE), the Arab African International Bank (AAIB), the Commercial International Bank (CIB), Banque du Caire and Altijariwafa Bank, Banque Misr also acted as the Subscriber and Custodian for the Transaction.

The bonds received AA+ (sf), AA (sf), AA- (sf) and BBB (sf) ratings by Middle East Ratings and Investors Service (Meris). Ernst & Youngacted as the Auditor of the Transaction and Zaki Hashem & Partners acted as the Legal Advisor to Corplease and the Egyptian Securitization Company on this bond securitization issuance as well as on the previous fourth, fifth, sixth
and seventh issuances.

On this occasion Mr. Helal El Hossary, Partner at Zaki Hashem & Partners noted that: “We are delighted to have been able to successfully complete the Securitization transaction. This transaction is an example of our consistent diligence and commitment in providing quality legal services of the highest caliber. Our clients always come first, their success is our success, and we intend to keep it that way.”