GlobalCorp issues EGP 1.35 bn securitized bond issuance

GlobalCorp raises EGP 1.35 bn in securitized bonds: Non-banking financial services firm GlobalCorp has issued a EGP 1.35 bn securitized bond issuance, according to a statement (pdf) from the company. The issuance, which is part of an EGP 10 bn securitization program, came in three tranches rated AA+, AA,, and A.

ICYM- GlobalCorp sold EGP 2.54 bn in securitized bonds in August under the same program.

Advisors: The Commercial International Bank (CIB) and Al Ahly Pharos acted as financial advisors, lead arrangers, and transaction managers. CIB also served as custodian, while the National Bank of Egypt (NBE) was bookrunner. CIB, NBE, and Suez Canal Bank were underwriters. Meanwhile, Dreny and Partners served as counsel and KPMG as auditor.

DATA POINT-Companies have raised nearly EGP 6.1 bn from securitization so far this year,according to data tracked by Enterprise.