{"id":611399,"date":"2023-12-06T00:00:00","date_gmt":"2023-12-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/06\/gb-corps-drive-closes-egp-1-4-bn-securitized-bond-issuance\/"},"modified":"2023-12-06T00:00:00","modified_gmt":"2023-12-06T00:00:00","slug":"gb-corps-drive-closes-egp-1-4-bn-securitized-bond-issuance","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/06\/gb-corps-drive-closes-egp-1-4-bn-securitized-bond-issuance\/","title":{"rendered":"GB Corp\u2019s Drive closes EGP 1.4 bn securitized bond issuance"},"content":{"rendered":"

GB Corp\u2019s auto financing arm Drive has raised EGP 1.4 bn via a securitized bond <\/strong>issuance<\/strong>,GB Corp said in a statement<\/a>(pdf)<\/a> yesterday. The issuance, which was 1.7x oversubscribed, is the first in Drive\u2019s three-year EGP 5 bn securitization program. The bond\u2019s three tranches were rated AA+, AA, and A by the Middle East Ratings and Investors Service (MERIS). <\/p>\n

Where the money\u2019s going:<\/strong> The funds will help Drive deleverage its balance sheet to increase its borrowing limits, improve liquidity, and expand its financing portfolio, the statement read.<\/p>\n

Advisors:<\/strong> CIB acted as the financial advisor, and Arab African International Bank (AAIB) acted as the sole bookrunner and joint underwriter alongside Ahli United Bank (AUB). Dreny & Partners was counsel, and KPMG served as the auditor.<\/p>\n

DATA POINT-<\/strong> Companies have raised EGP 78.9 bn from securitization so far this year, up 78% from the same period last year, according to data tracked by Enterprise.<\/p>\n","protected":false},"excerpt":{"rendered":"

The issuance is the first in a three-year EGP 5 bn securitization program<\/p>\n","protected":false},"author":1,"featured_media":611400,"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":[1628,430,240,88,6505,8596,72,503,241,6543,8273,595,85],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-611399","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-ahli-united-bank","tag-arab-african-international-bank","tag-cib","tag-debt-watch","tag-dreny-partners","tag-drive-finance","tag-enterpriseam","tag-financial-services","tag-gb-auto","tag-gb-corp","tag-kpmg","tag-non-banking-financial-services","tag-securitization","wpautop","entry"],"acf":{"mongo_id":"b85a03de-14b6-464c-9264-d7aae9f7b0f7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/384.jpg","photo_position":"above","homepage_title":"","full_issue_title":"GB Corp\u2019s auto financing arm closes EGP 1.4 bn securitized bond issuance","related_issue":[611384],"teaser":"The issuance is the first in a three-year EGP 5 bn securitization program","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.a0f7b6b2-e429-45d0-ac54-eef1d6c1784e.mp3"},"yoast_head":"\nGB Corp\u2019s Drive closes EGP 1.4 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\/12\/06\/gb-corps-drive-closes-egp-1-4-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=\"GB Corp\u2019s Drive closes EGP 1.4 bn securitized bond issuance\" \/>\n<meta property=\"og:description\" content=\"The issuance is the first in a three-year EGP 5 bn 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taken to the securitization market","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\/12\/965.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":620272,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/19\/drive-finance-closes-egp-1-4-bn-securitization-issuance\/","url_meta":{"origin":611399,"position":1},"title":"Drive Finance closes EGP 1.4 bn securitization issuance","author":"enterpriseam admin","date":"19 May 2024","format":false,"excerpt":"The issuance is the second of a EGP 5 bn program.","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT 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Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2026\/1\/61.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":612792,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/02\/securitization-market-grew-2x-in-2023-amid-financial-services-boom\/","url_meta":{"origin":611399,"position":4},"title":"Securitization market grew 2x in 2023 amid financial services boom","author":"enterpriseam admin","date":"2 January 2024","format":false,"excerpt":"The total value of securitized bonds issued in Egypt in 2023 is around EGP 96.1 bn","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\/12\/1609.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578674,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/10\/gb-lease-issues-egp-1-7-bn-in-securitized-bonds\/","url_meta":{"origin":611399,"position":5},"title":"GB Lease issues EGP 1.7 bn in securitized bonds","author":"enterpriseam admin","date":"10 January 2023","format":false,"excerpt":"GB Auto subsidiary GB Lease has closed an EGP 1.7 bn securitized bond issuance, according to a joint statement (pdf) by Al Ahly Pharos and CIB. The two institutions were joint financial advisors on the transaction alongside the National Bank of Egypt (NBE).The details: The three-tranche issuance is backed by\u2026","rel":"","context":"In "Debt"","block_context":{"text":"Debt","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/debt\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/142.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\/611399","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=611399"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/611399\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/611384"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/611400"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=611399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=611399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=611399"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=611399"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=611399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}