GlobalCorp issues eighth securitization bond worth EGP 2.5bn
GlobalCorp Financial Services has successfully completed its eighth securitization bond issuance, valued at EGP 2.5bn, following approval from Egypt’s Financial Regulatory Authority (FRA). The transaction falls under the company’s second approved securitization program.
The issuance was structured into three tranches with varying maturities and credit ratings:
- Tranche A: EGP 1.3bn, with a tenor of 25 months and a credit rating of AA+
- Tranche B: EGP 732m, with a tenor of 37 months and a credit rating of AA
- Tranche C: EGP 445m, with a tenor of 49 months and a credit rating of A-
All tranches were rated by Middle East Ratings and Investor Services (MERIS).
The transaction is considered one of the strongest and most prominent securitization issuances in the Egyptian market, reaffirming GlobalCorp’s leading position as a key player in the sector.
A notable feature of the issuance was the participation of the International Finance Corporation (IFC), marking its first-ever investment in an Egyptian securitization bond. IFC’s involvement reflects growing international confidence in GlobalCorp’s financial strength and asset quality, while contributing to the development and diversification of Egypt’s securitization market. The IFC participated through a direct investment in US dollars and its equivalent in Egyptian pounds, helping broaden the investor base and enhance market confidence.
The issuance was led by Commercial International Bank (CIB) and Al Ahly Pharos as financial advisors, arrangers, promoters, and issuance managers. The National Bank of Egypt (NBE) acted as the subscription registrar, while CIB served as the custodian.
Subscription saw participation from several major financial institutions, including the National Bank of Egypt, Commercial International Bank, Arab African International Bank, Suez Canal Bank, Al Baraka Bank, Attijariwafa Bank, in addition to the International Finance Corporation.
The issuance attracted strong investor demand, reflecting growing confidence in the quality of GlobalCorp’s portfolios and the robustness of its financial position, alongside sustained interest from local banking institutions.
Founded in 2015, GlobalCorp Financial Services Group provides integrated financial solutions across leasing, factoring, securitization, consumer finance, and mortgage finance. The group serves large corporates, small and medium-sized enterprises, and individuals. Its shareholder base includes a consortium of leading investors—Amethis, the European Bank for Reconstruction and Development (EBRD), and SPE Capital—alongside the group’s founder and CEO, Hatem Samir.
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