GlobalCorp Financial Services has completed its eighth securitization bond issuance valued at EGP 2.5 billion, following approval from Egypt’s Financial Regulatory Authority. The deal, under the company’s second approved program, featured first-time participation from the International Finance Corporation. It underscores growing confidence in Egypt’s securitization market.
GlobalCorp Financial Services announced the completion of its eighth securitization bond issuance, totaling EGP 2.5 billion. The issuance received approval from Egypt’s Financial Regulatory Authority (FRA) and is part of the company’s second approved securitization program.
The bond was structured into three tranches with different maturities and credit ratings, assessed by Middle East Ratings and Investor Services (MERIS):
- Tranche A: EGP 1.3 billion, 25-month tenor, AA+ rating.
- Tranche B: EGP 732 million, 37-month tenor, AA rating.
- Tranche C: EGP 445 million, 49-month tenor, A- rating.
This transaction ranks among the strongest securitization issuances in the Egyptian market, solidifying GlobalCorp’s position as a leading player in the sector. A key highlight was the participation of the International Finance Corporation (IFC), marking its first investment in an Egyptian securitization bond through direct USD and equivalent EGP commitments. This involvement helped expand the investor base and bolster market confidence.
The issuance was led by Commercial International Bank (CIB) and Al Ahly Pharos as financial advisors, arrangers, and managers. The National Bank of Egypt (NBE) served as the subscription registrar, with CIB acting as custodian. Major institutions participated, including NBE, CIB, Arab African International Bank, Suez Canal Bank, Al Baraka Bank, and Attijariwafa Bank, alongside IFC. Investor demand was robust, reflecting trust in GlobalCorp’s portfolio quality and financial stability.
Founded in 2015, GlobalCorp provides integrated financial solutions in leasing, factoring, securitization, consumer finance, and mortgage finance to large corporates, SMEs, and individuals. Its shareholders include a consortium of key investors—Amethis, the European Bank for Reconstruction and Development (EBRD), and SPE Capital—along with founder and CEO Hatem Samir.