Egyptian Securitization Company

This static domestic securitization from Egyptian Securitization Company S.A.E, securitising 516 leasing
loan contracts originated by Corporate Leasing Company Egypt S.A.E. (CorpLease) over the period
between 26/5/2004 and 1/12/2007, and will be the first lease-backed securitization transaction in the
Egyptian market. Approximately more than half of CorpLease’s current outstanding on-balance sheet
portfolio is being securitized through this issue.

CorpLease is a private joint stock company, with a shareholders’ base including reputable local and
international financial institutions, such as Commercial International Bank (CIB), Investment and Dev-
elopment Foundation DEG (Germany), and Union de Banques Arabes et Françaises. The remaining
balance is owned by CIB employee social insurance fund and Mr. Tarek Azmy, the Managing Director
of the company.

The 516 lease contracts are a mix of auto, equipment, and real estate financial leasing receivables.
Commercial Vehicles account for 37%, Plant & Equipment for 20%, Office Equipment for 20%, Pass-
enger Vehicles for 17%, and Real Estate for 8%. All leases are to large and medium-sized corporate
entities domiciled in Egypt. There are no balloon payments, and there is weighted average seasoning of
16 months.

The criteria for inclusion in the portfolio are: all contracts are financial leases, having no residual value;
no loan more than 30days delinquent; no defaulted loans; at least one installment has been paid; the
obligor needs to have assets insured.

However, the topmost obligor accounts for 16.2%, with the top 10 lessees for 60%, and the top 20%
for 77% of the pool’s outstanding principal value. There was also a relatively high loan to value (LTV)
ratio (WA LTV at origination equal to 95.95%.


Compare/contrast: Petroleum Export Limited.
Petroleum Export Ltd