GlobalCorp Issues its fifth Securitization Bond Worth EGP 1.35 billion

Cairo February 2024: GlobalCorp- Financial Services, a leading and fast-growing non-banking financial services institution based in Egypt, announces its fifth securitized bond offering, in the amount of EGP 1.35bn
The Financial Regulatory authority grants its approval for GlobalCorp’s fifth Securitized Bond offering in the amount of EGP 1.35 bn.

The issuance was structured across three tranches with different tenors and ratings: Tranche A (EGP 361m, 24 months, AA+), Tranche B (EGP 384m, 37 months, AA), Tranche C (EGP 601 m, 55 months, A). The issuance is part of a larger securitization bond program worth EGP 10 bn.

Hatem Samir, Founder, Group CEO and MD of GlobalCorp, commented: “GlobalCorp’s recent growth reflects its strong dedication to excellence both internally and in serving its clients. The funds raised will support efforts to strengthen GlobalCorp’s standing as a leading non-bank financial institution (NBFI) and to expand operations in Egypt.”

Under the strategic guidance of distinguished entities, the Commercial International Bank (CIB), and Al Ahly Pharos assumed pivotal roles as the company’s esteemed financial advisors, lead arrangers of the issuance, transaction managers. Complementing this consortium of excellence, National Bank of Egypt (NBE) assumed the role of book runner, while the CIB assumed the role of Custodian and the Commercial International Bank (CIB), National Bank of Egypt (NBE), Suez Canal Bank (SCB) and Al Ahly Pharos assumed the role of Underwriters. The esteemed legal counsel was provided by Dreny and Partners, while the audit oversight was conducted by the reputable KPMG.

Marking a testament to the resounding confidence and market appetite, the transaction garnered an exceptional oversubscription rate. Esteemed banking institutions, including but not limited to CIB, NBE, SCB, ABK, ABC, & AWB, demonstrated their appetite towards the bond offering through active participation.

Established in 2015, GlobalCorp Group has worked to serve clients across an array of industries, including corporates and SMEs of various sizes. The company offers clients a range of factoring and leasing services, including financial and operating leases, factoring and structured finance solutions that allow them to achieve their business goals and grow sustainably, as well as Consumer Finance and Mortgage services. The group’s shareholders consist of a consortium of investors made up of Amethis, the European Bank for Reconstruction and Development (“EBRD”), and SPE AIF I, LP (“SPE Capital”) in partnership with GlobalCorp’s Founder and Group CEO, Hatem Samir.