Non-banking financial services firm GlobalCorp closed EGP 4.9 bn in securitized bond issuances, according to a statement (pdf) from the company. The transactions included the company’s seventh issuance for its financial leasing portfolio and its first-ever for its mortgage portfolio, both carried out under its second EGP 10 bn securitization program.

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The breakdown: The leasing securitization was valued at EGP 2.3 bn, featured three tranches, with tenors running 25, 37, and 53 months, and received AA+, AA, and A- credit ratings from Middle East Rating and Investors Service (MERIS). The EGP 2.6 bn mortgage finance securitization was split into four tranches, with tenors of 24, 36, 48, and 60 months, and rated AA+, AA-, A, and A- by MERIS.

Who bought in: The issuance was oversubscribed, attracting subscriptions from 13 local banks. The National Bank of Egypt, CIB, and Arab African International Bank were among the subscribers.

What they said: “The services and solutions we provide to our clients — individuals and institutions — including the issuance of securitization bonds, represent a milestone in our journey and confirm our commitment to strengthening non-banking financial services in Egypt and providing innovative financing solutions that support various sectors,” said CEO Hatem Samir.

ADVISORS- Al Ahly Pharos and the Arab African International Bank were the lead arrangers and financial advisors for the mortgage portfolio issuance, according to a statement (pdf) from Dreny & Partners, which provided counsel. The Arab African International Bank also acted as the custodian, the National Bank of Egypt served as the bookrunner, and Baker Tilly was the auditor.

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