Cairo - Mubasher: Al Tawfeek Leasing Company (A.T. LEASE) has completed the first issuance at a value worth EGP 1.84 billion in the inaugural securitization bonds program of the financing firm, according to a bourse filing.

The issue is distributed over three tranches that were assigned credit ratings of '++AA', 'AA', and 'A', in respective order, by Middle East Rating & Investors Service (MERIS).

The first tranche amounted to EGP 748 million with a 25-month maturity period, while the second offering totaled EGP 556 million with a 37-month tenor.

Moreover, the third tranche stood at EGP 545 million, holding a 48-month maturity.

The proceeds from the issuance will be used to strengthen the company’s financial position, which will positively reflect on profitability and return on equity. This is in addition to increasing the market share and maintaining its competitive position.

Meanwhile, Al Ahly Pharos Investment Banking and CI Capital Holding for Financial Investments served as lead managers, financial advisors, underwriters, and bookrunners for the issue.