Al-Ahly Pharos investment banking, one of the subsidiaries of Al-Ahly Financial Services Group, which represents the integrated investment arm of the National Bank of Egypt, announced that its Debt Capital Market (DCM) team successfully closed Global Corp Financial services third securitization issuance worth EGP 1.023B secured by a portfolio of EGP 1.647B assigned to Global Corp Securitization as the issuance’s special purpose vehicle (SPV) by Global Corp Financial Services.
Al Ahly Pharos acted as the sole financial advisor, sole transaction manager, book-runner, and arranger of the issuance, while the National Bank of Egypt and Arab African International Bank acted as the transaction underwriters. National Bank of Egypt acted as custodian and the placement agent, Dreny & Partners acted as the legal advisor and KPMG as the auditor of the transaction. As for the Middle East for Credit Rating and Investors Service (MERIS), it acted as the credit rating for the issue.
The bond was fully covered through a subscription to the National Bank of Egypt, Arab African International Bank, Abu Dhabi Commercial Bank & AttijaraWafa Bank of Egypt. It is comprised of three tranches rated by Middle East Rating Services (MERIS) as (A+). The first tranche is worth EGP 188 million with a tenor of 24 months, the second is worth EGP 224 million with a tenor of 36 months and the third is worth EGP 611 million with a tenor of 60 months.