GlobalCorp issues EGP 1.35B securitized bond
Updated 2/13/2024 2:21:00 PM
Arab Finance: The Egyptian non-banking financial services provider GlobalCorp has issued its fifth securitized bond at a value of EGP 1.35 billion upon approval of the Financial Regulatory Authority (FRA), as per an emailed press release.
The issuance is part of a larger securitization bond program valued at EGP 10 billion.
The issuance came in three tranches, the first of which is worth EGP 361 million, with a tenor of 24 months and a rating of AA+.
Meanwhile, the second tranche is valued at EGP 384 million with a tenor of 37 months and an AA rating, and the third tranche is worth EGP 601 million and carries a tenor of 55 months and received a rating of A.
The Commercial International Bank (CIB) and Al Ahly Pharos acted as the financial advisors, lead arrangers of the issuance, and transaction managers.
The National Bank of Egypt (NBE) served as the book runner, while the CIB was the custodian and underwriter along with the National Bank of Egypt (NBE), Suez Canal Bank (SCB), and Al Ahly Pharos.
Dreny and Partners acted as the legal advisor, and KPMG was the auditor.
Commenting on the transaction, GlobalCorp’s CEO Hatem Samir said that “the funds raised will support efforts to strengthen GlobalCorp's standing as a leading non-bank financial institution (NBFI) and to expand operations in Egypt.”
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