{"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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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\/2023\/12\/384.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":611927,"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":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":657999,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/30\/efg-finances-bedaya-issues-egp-1-8-bn-in-securitized-bonds-contact-al-ahly-leasing-close-securitization-rounds\/","url_meta":{"origin":611927,"position":5},"title":"EFG Finance\u2019s Bedaya issues EGP 1.8 bn in securitized bonds + Contact, Al Ahly Leasing close securitization rounds","author":"enterpriseam admin","date":"30 December 2024","format":false,"excerpt":"The issuance included four tranches with tenors ranging from 13 to 81 months","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\/12\/2491.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\/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}]}}