IFC anchors big Global Corp securitization + GB Lease closes new tranche

We saw a flurry of buzzer-beaters at the end of last week as major consumer finance companies looked to book income and replenish their war chests heading into what will likely be a very busy year for the non-bank financial services industry. Tasaheel was first to market, as we noted last Tuesday, followed by:

#1- IFC anchors Global Corp’s first securitization under new EGP 10 bn program: Our friends at Global Corp closed a EGP 2.48 bn securitized bond issuance with a first-of-its-kind anchor investment from the International Finance Corporation (IFC).

By the numbers: The IFC’s investment authorization includes up to USD 20 mn equivalent in EGP subscription to the issuance as part of a broader USD 40 mn financing package that also includes a five-year senior loan. The issuance — split into three tranches rated AA+ to A- — is the first under Global Corp’s EGP 10 bn multi-issuance program. The company did not disclose the exact amount bought by IFC in this tranche.

ADVISORS- National Bank of Egypt (NBE), Commercial International Bank (CIB), Arab African International Bank (AAIB), Suez Canal Bank, and Al Baraka Bank acted as underwriters, with Dreny & Partners providing counsel.

#2- GB Lease closes EGP 4.16 bn tranche under ongoing program: GB Lease & Factoring closed a EGP 4.16 bn securitized bond issuance, the latest tranche of a previously announced EGP 15 bn, three-year multi-issuance program. The issuance was split into four tranches rated AA+ to A-.

ADVISORS- NBE, CIB, AAIB, Suez Canal Bank, and Banque du Caire acted as underwriters, while CI Capital, CIB, and AAIB served as financial advisors. Dreny & Partners provided counsel.

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