{"id":604299,"date":"2023-08-29T00:00:00","date_gmt":"2023-08-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/29\/globalcorp-closes-egp-2-54-bn-securitized-bond-issuance\/"},"modified":"2023-08-29T00:00:00","modified_gmt":"2023-08-29T00:00:00","slug":"globalcorp-closes-egp-2-54-bn-securitized-bond-issuance","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/29\/globalcorp-closes-egp-2-54-bn-securitized-bond-issuance\/","title":{"rendered":"GlobalCorp closes EGP 2.54 bn securitized bond issuance"},"content":{"rendered":"

Non-banking financial services firm GlobalCorp has closed a EGP <\/strong> 2.54 bn issuance of securitized bonds<\/strong>, it said in a statement (pdf)<\/a> yesterday. The bonds were divided into three tranches rated AA+, AA, A by Middle East Rating & Investors Service (MERIS).<\/p>\n

This is part of a wider program: <\/strong> GlobalCorp has so far securitized more than EGP 5.9 bn of its portfolio over the past two years. The company plans to eventually sell EGP 10 bn worth of securitized bonds in the ongoing program. This is the company\u2019s first sale since December when it closed a EGP 1.1 bn issuance<\/a>.<\/p>\n

Where the money\u2019s going: <\/strong> The proceeds will be used to finance GlobalCorp\u2019s local expansion plans, said the group\u2019s CEO and MD, Hatem Samir. The group is looking at opening a new office in the Gulf region, he said, without providing further details.<\/p>\n

Advisors: <\/strong> Al Ahly Pharos, CIB, CI Capital and Arab African International Bank (AAIB), acted as joint financial advisors, while Al Ahly Pharos and CIB also acted as joint lead arrangers, transaction managers, book runners, and underwriters of the issuance. Dreny and Partners acted as legal advisor, while KPMG acted as an auditor. <\/p>\n

There was strong demand from local and international banks: <\/strong>AAIB, the National Bank of Egypt, CIB, Attijariwafa, Bank ABC, SAIB, Al Baraka Bank and EBank all subscribed to the issuance.<\/p>\n

DATA POINT- <\/strong> Companies have now issued EGP 48.6 bn of securitized bonds so far this year, according to data tracked by Enterprise. This is more than total volumes across the whole of 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"

GlobalCorp has securitized EGP 5.9 bn of its portfolio since 2021<\/p>\n","protected":false},"author":1,"featured_media":604300,"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":[813,430,136,240,88,6505,72,503,1832,595,85],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-604299","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-al-ahly-pharos","tag-arab-african-international-bank","tag-ci-capital","tag-cib","tag-debt-watch","tag-dreny-partners","tag-enterpriseam","tag-financial-services","tag-globalcorp","tag-non-banking-financial-services","tag-securitization","wpautop","entry"],"acf":{"mongo_id":"78d848a9-2f16-4414-b1a1-02006115921c","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/1345.jpg","photo_position":"above","homepage_title":"","full_issue_title":"GlobalCorp closes EGP 2.54 bn securitized bond issuance","related_issue":[604292],"teaser":"GlobalCorp has securitized EGP 5.9 bn of its portfolio since 2021","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/8\/.0fe53964-d405-4362-b22c-6a36e60927b8.mp3"},"yoast_head":"\nGlobalCorp closes EGP 2.54 bn securitized bond issuance - 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\/2023\/08\/29\/globalcorp-closes-egp-2-54-bn-securitized-bond-issuance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GlobalCorp closes EGP 2.54 bn securitized bond issuance\" \/>\n<meta property=\"og:description\" content=\"GlobalCorp has securitized EGP 5.9 bn of its portfolio since 2021\" \/>\n<meta property=\"og:url\" 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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":554317,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/29\/globalcorp-tamweel-close-securitized-bond-offerings\/","url_meta":{"origin":604299,"position":5},"title":"GlobalCorp, Tamweel close securitized bond offerings","author":"enterpriseam admin","date":"29 December 2021","format":false,"excerpt":"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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