Lease Backed

Aug 05, 2008 (LBO) – Sri Lanka’s Assetline Leasing, unit of David Pieris Motor Company has raised 100 million rupees by securitizing vehicle leases, NDB Investment Bank which structured the issue said.

Assetline provides leasing, hire purchase and dealer financing and has 13 branches and 8 service centres.

It was incorporated in 2003 and had a market share 2.63 percent in the financial year 2006/07 according to the Leasing Association of Sri Lanka, NDB Investment Bank said.

David Peiris has the agency for Baja three wheelers and motorcycles and Cherry automobiles in Sri Lanka.

Assetline is held through DPMC Financial Services (Pvt) Ltd, which holds almost 100 percent of its equity, NDB Investment Bank said.

The transaction was backed mainly with three-wheeler leases, an official said.

The rate was not disclosed, but the issue was placed outside the commercial banking sector, NDB Investment Bank said.

The trustee for the issue was Deutsche Bank.