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 1.023 billion secured by a portfolio of EGP 1.647 billion assigned to Global Corp Securitization as the issuance’s special purpose vehicle (SPV) by Global Corp Financial Services, whereby Al Ahly Pharos acted as the sole financial advisor, sole transaction manager and book-runner, and arranger of the issuance while Al Ahly Pharos, National Bank of Egypt and Arab African International Bank act 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, while MERIS "Middle East for Credit Rating and Investors Service", acted as the credit rating for the issue.
Ahmed Heider CEO & Managing Director of Al Ahly Pharos Investment Banking Group has expressed his contentment about the closure and issuance of the transaction and articulated his appreciation to all parties involved in the issuance with tremendous gratitude for the FRA for their continuous efforts and support throughout the transaction process and expressed his pride for the DCM team for their massive efforts through an exceptional period that exceeded expectations.
In the same regard, Amir Sherif Managing Director and Head of the DCM at Al Ahly Pharos has conveyed his outmost pride with this issuance as it’s the first of its kind in the Egyptian market, which came to prove Al Ahly Pharos' DCM team continuous success, which has successfully closed 8 issuances with a total value exceeding EGP 10bn in 2022, which represent a strong kickoff to a more of success in the next year hopefully exceeding EGP 20bn.
The bond was fully covered through a subscription of National Bank of Egypt , Arab African International Bank, Abu Dhabi Commercial Bank & AttijaraWafa Bank of Egypt . The bond 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 while the third is worth EGP 611 million with a tenor of 60 months.
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About Al-Ahly Pharos Investment Banking S.A.E.
Al Ahly Pharos Investment Banking is a leading investment bank operating in both Debt Capital Markets, Equity Capital Markets, as well as mergers and acquisitions sector in Egypt, providing clients with fully integrated financial services capitalizing on Al Ahly Financial Services group.
Al Ahly Pharos Investment Financial Services is a subsidiary of Al Ahly Financial Services, and it is the investment bank of the National Bank of Egypt Group, offering a fully integrated financial services, with a leading market position in investment banking, brokerage and research, asset management, and Debt capital markets .
About Global Corp Financial Solutions
Global Corp is a full-fledged, leading non-banking financial services institution based in Egypt; since its establishment in 2015. Global Corp has been working to serve clients across several industries, including corporates and SMEs of various sizes offering a range of non-banking financial services, including financial and operating leases, factoring and structured finance solutions that support clients in achieving their business goals and growing sustainably through an alternative financing option.
