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Wednesday, 4 January 2023

GlobalCorp issues EGP 1.1 bn in securitized bonds

GlobalCorp closed an EGP 1.1 bn issuance of securitized bonds on 29 December, CEO and Managing Director Hatem Samir reportedly told Hapi Journal.

In detail: The issuance included three tranches, each with an A+ credit rating.

This is part of a larger, EGP 5 bn program: This is the third issuance in the non-bank lender’s EGP 5 bn securitization program. The group has so far issued nearly EGP 3.4 bn of securities of its EGP 5 bn securitized bond program, which had been set to wrap by 2023.

A record-breaking year for securitization in Egypt: The GlobalCorp issuance takes the total value of securitized bonds sold in 2022 to EGP 47.5 bn, three times the EGP 15.8 bn sold the year before, according to data tracked by Enterprise.

Advisors: Al Ahly Pharos acted as financial advisor for the subscription. The subscription was covered by the National Bank of Egypt, Attijariwafa Bank, Arab African Bank, and Abu Dhabi Commercial Bank. Dreny & Partners acted as legal advisors and KPMG were auditors.

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