{"id":611927,"date":"2023-12-14T00:00:00","date_gmt":"2023-12-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/14\/gb-corps-drive-raises-egp-1-47-bn-in-fresh-securitization\/"},"modified":"2023-12-14T00:00:00","modified_gmt":"2023-12-14T00:00:00","slug":"gb-corps-drive-raises-egp-1-47-bn-in-fresh-securitization","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/14\/gb-corps-drive-raises-egp-1-47-bn-in-fresh-securitization\/","title":{"rendered":"GB Corp\u2019s Drive raises EGP 1.47 bn in fresh securitization"},"content":{"rendered":"

Drive Finance returns to the securitization market:<\/strong>GB Corp\u2019s car finance arm Drive Finance has raised EGP 1.47 bn in its second securitized bond issuance this month, according to a statement (pdf)<\/a> released yesterday by our friends at CIB, who advised, led, and promoted the sale. <\/p>\n

The sale: <\/strong>The issuance was 1.7x oversubscribed and is part of the company\u2019s three-year EGP 5 bn program. The bond\u2019s three tranches were rated AA+, AA, and A by the Middle East Ratings and Investors Service (MERIS). This takes the total amount raised from the securitization market by Drive in December to almost EGP 3 bn after it closed a EGP 1.4 bn<\/a> issuance earlier in the month.<\/p>\n

Where the money\u2019s going: <\/strong>The proceeds will help Drive improve its liquidity and support its capital structure, in line with the company\u2019s long-term growth strategy, the statement reads.<\/p>\n

The buyers: <\/strong>The Arab African International Bank (AAIB) and Ahli United Bank were underwriters of the issuance. Al Baraka Bank and Bank ABC subscribed to the issuance.<\/p>\n

Advisors:<\/strong> CIB acted as financial advisor, transaction lead arranger and promoter, alongside the AAIB as the sale\u2019s custodian. Dreny & Partners was counsel and KPMG served as auditor.<\/p>\n

DATA POINT-<\/strong> Companies have raised EGP 80.4 bn from securitization so far this year, up 77% from 2022, according to data tracked by Enterprise.<\/p>\n","protected":false},"excerpt":{"rendered":"

This is the second time this month the GB Corp subsidiary has taken to the securitization market<\/p>\n","protected":false},"author":1,"featured_media":611928,"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-611927","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":"d0be7d4c-6049-4734-8443-1da8792ddd19","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/965.jpg","photo_position":"above","homepage_title":"","full_issue_title":"GB Corp\u2019s Drive raises EGP 1.47 bn in fresh securitization","related_issue":[611912],"teaser":"This is the second time this month the GB Corp subsidiary has taken to the securitization market","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.8881b3ed-001b-42d9-ad33-93c1341a1fa0.mp3"},"yoast_head":"\nGB Corp\u2019s Drive raises EGP 1.47 bn in fresh securitization - 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\/14\/gb-corps-drive-raises-egp-1-47-bn-in-fresh-securitization\/\" \/>\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 raises EGP 1.47 bn in fresh securitization\" \/>\n<meta property=\"og:description\" content=\"This is the second time this month the GB Corp 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"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\/5\/1372.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":611399,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/06\/gb-corps-drive-closes-egp-1-4-bn-securitized-bond-issuance\/","url_meta":{"origin":611927,"position":1},"title":"GB Corp\u2019s Drive closes EGP 1.4 bn securitized bond issuance","author":"enterpriseam admin","date":"6 December 2023","format":false,"excerpt":"The issuance is the first in a three-year EGP 5 bn securitization 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":542600,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/05\/gb-leases-returns-to-securitization-market-with-egp-4-3-bn-sale\/","url_meta":{"origin":611927,"position":4},"title":"GB Leases returns to securitization market with EGP 4.3 bn sale","author":"enterpriseam admin","date":"5 January 2022","format":false,"excerpt":"GB Lease has completed the sale of EGP 4.3 bn of securitized bonds to investors, according to a statement (pdf) from CIB, which worked on the transaction. The leasing arm of GB Auto sold the securities in two separate issuances with tranches rated A through AA+. Abu Dhabi Commercial Bank\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\/1\/77.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559060,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/06\/cibs-securitization-streak\/","url_meta":{"origin":611927,"position":5},"title":"CIB\u2019s securitization streak","author":"enterpriseam admin","date":"6 January 2021","format":false,"excerpt":"CIB is \u201cvery bullish\u201d on the outlook for Egyptian securitized bonds and is planning to continue tapping the market, our friends at the leading private sector bank tell us. CIB wrapped 2020 with a combined EGP 12 bn-worth of successful securitized bond sales under its belt after most recently closing\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/611927","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=611927"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/611927\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/611912"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/611928"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=611927"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=611927"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=611927"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=611927"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=611927"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}