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Egypt: GlobalCorp Raises $82mln From Its Fourth Securitization Bond

GlobalCorp, a leading non-banking financial institution (NBFI) in Egypt, has successfully issued its fourth securitized bond worth EGP 2.54bn, with the approval of the Financial Regulatory Authority (FRA).

The bond is part of a larger securitization program of EGP 10bn and is one of the biggest issuances by a leasing company in Egypt to date.

The bond is divided into three tranches with different maturities and ratings by Middle East Rating and Investors Service (MERIS). The first tranche has a tenor of 13 months and a rating of AA+, the second transe has a tenor of 37 months and a rating of AA, and the third tranche has a tenor of 51 months and a rating of A.

The issuance was arranged by Al Ahly Pharos and the Commercial International Bank (CIB), who acted as the financial advisors, lead arrangers, transaction managers, book runners, and underwriters. CI Capital and AAIB also participated as financial advisors, while Dreny & Partners provided legal counsel and KPMG conducted the audit oversight.

The bond attracted strong demand from prominent banking institutions, such as AAIB, NBE, CIB, Attijariwafa bank, ABC, saib, Al Baraka Bank, and EBank, resulting in an exceptional oversubscription rate.

Hatem Samir, Founder, Group CEO and MD of GlobalCorp, said that the issuance reflects the company’s commitment to excellence and its growth strategy in Egypt and beyond. He added that the proceeds will be used to consolidate the company’s position among the top NBFIs in the market and to support its expansion plan in Egypt after obtaining its mortgage license. He also revealed that the company is exploring opening a new office overseas in the Gulf region.

Ahmed Heidar, CEO and Managing Director- Head of Investment Banking Group (Al Ahly Pharos), congratulated GlobalCorp on its landmark achievement and expressed his interest in future collaborations. Mennan Awadallah, Head of Debt Capital Markets (CIB), also praised GlobalCorp’s success and praised its partnership with CIB.

GlobalCorp was established in 2015 and offers a range of factoring and leasing services to corporate and SMEs across various industries. The company aims to provide flexible and tailored financial solutions that enable its clients to achieve their business goals and grow sustainably.

Source: Zawya