{"id":554317,"date":"2021-12-29T04:03:20","date_gmt":"2021-12-29T04:03:20","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/29\/globalcorp-tamweel-close-securitized-bond-offerings\/"},"modified":"2021-12-29T04:03:20","modified_gmt":"2021-12-29T04:03:20","slug":"globalcorp-tamweel-close-securitized-bond-offerings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/29\/globalcorp-tamweel-close-securitized-bond-offerings\/","title":{"rendered":"GlobalCorp, Tamweel close securitized bond offerings"},"content":{"rendered":"

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

T<\/strong>he issuance includes three tranches <\/strong>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<\/a> cited sources as saying.<\/p>\n

T<\/strong>he size of the overall program has increased<\/strong>, even if this tranche is a bit smaller than we\u2019d 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<\/a> in September.<\/p>\n

ADVISORS- <\/strong>CIB and Misr Capital were financial advisors for the offering, while Dreny & Partners were counsel.<\/p>\n

MEANWHILE-<\/strong><\/p>\n

Tamweel Mortgage Finance also closed the first EGP 460 mn tranche of a EGP 3 bn <\/strong>securitized bond issuance<\/strong>, Al Borsa<\/a> 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.<\/p>\n

ADVISORS-<\/strong> CIB was lead manager, promotor, and underwriter of the issuance. Dreny & Partners provided counsel. Meris provided the credit rating for the issuance.<\/p>\n

BACKGROUND + WHAT\u2019S NEXT-<\/strong><\/p>\n

The securitized bond market is hot, but not as hot as it was before: <\/strong>By our count<\/a>, 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\u2019t over yet, with CI Capital\u2019s leasing arm Corplease<\/a> having said that it was looking for a securitized bond issuance worth more than EGP 3 bn in December 2021. GB Lease<\/a> had also reportedly been mulling a multi-tranche EGP 1.6 bn securitized bond issuance this month.<\/p>\n

That said, things do look interesting for 2022: <\/strong>The FRA said earlier this week (pdf)<\/a> 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":1,"featured_media":554318,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7274],"tags":[576,82,240,88,72,1832],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-554317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-banque-misr","tag-bonds","tag-cib","tag-debt-watch","tag-enterpriseam","tag-globalcorp","wpautop","entry"],"acf":{"mongo_id":"d020f72f-fbba-4704-b15c-dc0b39c90755","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/12\/542.jpg","photo_position":"above","related_issue":[554311],"teaser":"","voice_url":""},"yoast_head":"\nGlobalCorp, Tamweel close securitized bond offerings - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/29\/globalcorp-tamweel-close-securitized-bond-offerings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GlobalCorp, Tamweel close securitized bond offerings\" \/>\n<meta property=\"og:description\" content=\"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. 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The issuance was backed by a EGP 1.05 bn receivables portfolio. The tranches were rated AA+, AA, A+, and A-.Advisors: Sarwa Promotion\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/222.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":638206,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/11\/globalcorp-issues-egp-1-32-bn-in-securitized-bonds\/","url_meta":{"origin":554317,"position":1},"title":"GlobalCorp issues EGP 1.32 bn in securitized bonds","author":"enterpriseam admin","date":"11 August 2024","format":false,"excerpt":"The issuance is part of GlobalCorp\u2019s EGP 10 bn securitization program","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/812.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548207,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/31\/globalcorp-plans-to-issue-egp-1-5-bn-in-securitized-bonds-this-year\/","url_meta":{"origin":554317,"position":2},"title":"GlobalCorp plans to issue EGP 1.5 bn in securitized bonds this year","author":"enterpriseam admin","date":"31 July 2022","format":false,"excerpt":"GlobalCorp plans to issue EGP 1.5 bn worth of securitized bonds in three tranches before the end of the year, Al Borsa quotes the company\u2019s managing director, Hatem Samir, as saying. The non-bank lender late last year issued the first EGP 985 mn tranche of a EGP 5 bn securitization\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/318.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578560,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/04\/globalcorp-issues-egp-1-1-bn-in-securitized-bonds\/","url_meta":{"origin":554317,"position":3},"title":"GlobalCorp issues EGP 1.1 bn in securitized bonds","author":"enterpriseam admin","date":"4 January 2023","format":false,"excerpt":"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\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/63.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":615198,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/14\/globalcorp-issues-egp-1-35-bn-securitized-bond-issuance\/","url_meta":{"origin":554317,"position":4},"title":"GlobalCorp issues EGP 1.35 bn securitized bond issuance","author":"enterpriseam admin","date":"14 February 2024","format":false,"excerpt":"The issuance is part of GlobalCorp\u2019s EGP 10 bn securitization program","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/1347.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":557714,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/29\/globalcorp-could-kick-off-egp-3-3-5-bn-securitization-program-in-4q2021\/","url_meta":{"origin":554317,"position":5},"title":"GlobalCorp could kick off EGP 3-3.5 bn securitization program in 4Q2021","author":"enterpriseam admin","date":"29 September 2021","format":false,"excerpt":"GlobalCorp could have the first tranche of a EGP 3-3.5 bn securitized bond issuance ready by the end of the year, Al Mal reports. The non-bank lender is planning to sell EGP 1.1 bn of securities in 4Q2021, its CEO and managing director, Hatem Samir, told the newspaper. The issuance\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/394.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/554317","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=554317"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/554317\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/554311"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/554318"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=554317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=554317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=554317"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=554317"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=554317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}