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Wednesday, 29 December 2021

GlobalCorp, Tamweel close securitized bond offerings

GlobalCorp issued the first EGP 985 mn tranche of a EGP 5 bn securitized bond program, the non-bank lender announced in a press release. The program is set to be completed by 2023, according to the statement.

The issuance includes three tranches with ratings of A+, AA and A, respectively, according to the factoring and leasing firm. The bonds are backed by a consortium of six Egyptian banks: Attijariwafa Bank, Arab African International Bank, Ahli United Bank, Suez Canal Bank, CIB and Banque Misr, Al Mal cited sources as saying.

The size of the overall program has increased, even if this tranche is a bit smaller than we’d expected. GlobalCorp was planning to sell EGP 1.1 bn of securities by the end of this year, as part of a EGP 3-3.5 bn issuance set to be completed by 2023, CEO and Managing Director Hatem Samir was quoted as saying in September.

ADVISORS- CIB and Misr Capital were financial advisors for the offering, while Dreny & Partners were counsel.


Tamweel Mortgage Finance also closed the first EGP 460 mn tranche of a EGP 3 bn securitized bond issuance, Al Borsa quotes Managing Director Mohammed El Kahki as saying. The three tranches carry tenors of 12, 36, and 60 months. The issuance was backed by a consortium of seven banks: The National Bank of Egypt, Banque Misr, CIB, AAIB, Suez Canal Bank, Ahli United Bank, and Attijariwafa Bank.

ADVISORS- CIB was lead manager, promotor, and underwriter of the issuance. Dreny & Partners provided counsel. Meris provided the credit rating for the issuance.


The securitized bond market is hot, but not as hot as it was before: By our count, a total of 14 issuances worth a combined EGP 12.63 bn went to market. This is a little over half of the EGP 22.1 bn raised last year and the EGP 22 bn raised in 2019. But the year isn’t over yet, with CI Capital’s leasing arm Corplease having said that it was looking for a securitized bond issuance worth more than EGP 3 bn in December 2021. GB Lease had also reportedly been mulling a multi-tranche EGP 1.6 bn securitized bond issuance this month.

That said, things do look interesting for 2022: The FRA said earlier this week (pdf) that it will approve before the year is out 11 new sales worth a combined EGP 11.5 bn. The regulator gave no indicator of which companies will be issuing the bonds, or when they could go to market.

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