January 6, 2022

GB Lease completes sale of EGP 4.3B of securitized bonds

ArabFinance: GB Lease has completed the sale of EGP 4.3 billion of securitized bonds to investors, a statement by the Commercial International Bank (CIB) said.

The leasing arm of GB Auto sold the securities in two separate issuances with tranches rated A through AA+.

According to the statement, Abu Dhabi Commercial Bank was the sole subscriber to both issuances, which were backed by leasing receivables.

This is considered the company’s first issuance in 2022.

CIB, Banque du Caire and the Suez Canal Bank acted as joint arrangers, underwriters, and financial advisors on a EGP 1.65 billion sale, while CIB, AAIB, Banque du Caire, and Al Ahly Bank of Kuwait worked on the second, EGP 2.65 billion issuance.

Additionally, Law firm Dreny and Partners provided counsel, while Sherif Dabbous was the auditor.


Categories : auto

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