Arab Finance: GB Corp’s financing arm Drive has wrapped up EGP 1.4 billion securitized bond issuance under its EGP 5 billion securitization program, GB Corp said in a statement on December 6^th.

The offering consists of three tranches, the first of which is worth EGP 497.5 million, with a tenor of 13 months and a rating of AA+ from Middle East Ratings and Investor Services (MERIS).

Meanwhile, the second tranche is valued at EGP 695.6 million with a tenor of 36 months and an AA rating from MERIS, and the EGP 274.4 million third tranche carries a tenor of 59 months and received a rating of A.

The Commercial International Bank (CIB) was the financial advisor, bookrunner, and underwriter on the transaction, while Arab African International Bank (AAIB) and Ahli United Bank (AUB) were the custodians.

Dreny & Partners was the legal counsel, and KPMG served as auditor.

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