Arab Finance: GlobalCorp has finalized two securitization issuances with a combined value of EGP 4.91 billion, including its seventh issuance for financial leasing worth EGP 2.32 billion and its first issuance for mortgage finance valued at EGP 2.59 billion, as per an emailed press release.

The issuances are part of the company’s second EGP 10 billion securitization program and were oversubscribed by more than 100%, reflecting strong demand from investors.

Thirteen local banks took part in the transactions, with the National Bank of Egypt (NBE), Commercial International Bank (CIB), and Arab African International Bank (AAIB) leading subscriptions, accounting for around 55% of the total coverage.

The financial leasing issuance was structured into three tranches with ratings from Middle East Rating and Investor Services (MERIS): Tranche A at EGP 1.04 billion for 25 months rated AA+, Tranche B at EGP 648 million for 37 months rated AA, and Tranche C at EGP 640 million for 53 months rated A-.

The mortgage finance issuance was divided into four tranches. Tranche A, valued at EGP 890 million for 24 months, was rated AA+; Tranche B, at EGP 630 million for 36 months, rated AA-; Tranche C, at EGP 625 million for 48 months, rated A; and Tranche D, at EGP 445 million for 60 months, rated A-.

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