Cairo – Mubasher: GlobalCorp Financial Services has completed its eighth securitization bond issuance at a value of EGP 2.50 billion, according to a press release.
The offering, which falls under the company’s second approved securitization program, took place after obtaining approval from the Financial Regulatory Authority (FRA).
The issuance was structured into three tranches with different maturities and credit ratings. All three tranches were rated by Middle East Ratings and Investor Services (MERIS).
Tranche A, valued at EGP 1.30 billion, holds a tenor of 25 months and a credit rating of ‘AA+’.
With tenor of 37 months and a credit rating of ‘AA’, tranche B amounts to EGP 732 million.
Tranche C was valued at EGP 445 million, carrying a tenor of 49 months and a credit rating of ‘A-‘.
This issuance represents one of the strongest and most prominent securitization transactions in the Egyptian market, reaffirming GlobalCorp's leading position as one of the most influential players in the sector.
It is supported by the International Finance Corporation (IFC), marking the institution’s first-ever participation in an Egyptian securitization bond issuance.
The issuance was led by the Commercial International Bank (CIB) and Al Ahly Pharos as financial advisors, arrangers, promoters, and issuance managers.
Meanwhile, the National Bank of Egypt (NBE) acted as the subscription registrar, while CIB served as the custodian.
A number of major banks participated in the subscription, including the NBE, CIB, Arab African International Bank, Suez Canal Bank, Al Baraka Bank, Attijariwafa Bank, in addition to the International Finance Corporation (IFC).
