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, and Commercial International bank announced today that they acted as athe financial advisor, transaction lead manager and book-runner with the cooperation of the esteemed Commercial International bank collectively and successfully closed Global Corp Financial services Fourth Securitization Issuance of the first program worth EGP 2.54 billion secured by a portfolio of EGP 3.8 billion assigned to Global Corp Securitization as the issuance’s special purpose vehicle (SPV) by Global Corp Financial Services, whereby Arab African International bank and CI Capital acted as advisors, while Al Ahly Pharos, National Bank of Egypt, Commercial International bank and Arab African International Bank act as the transaction’s underwriters. Arab African International bank acted as custodian and Commercial international bank as 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 which came as a testimony of the success story of Global Corp and the unique relations with share together as institutions and teams  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 Division at Al Ahly Pharos has expressed his appreciation for the current working team at the company for their massive efforts in the closure of this securitization issue which marks the closure of over EGP 21bn 28bn for 12 issuances in the past 20 months this year as another success story in company’s continuation in DCM services.

Commenting on the transaction, CIB 

The bond was fully covered through the subscription of National Bank of Egypt, Commercial international bank, Arab African International Bank, ABC Bank, Al Baraka Bank, SAIB, Ebank & AttijaraWafa Bank of Egypt. The bond is comprised of three tranches rated by Middle East Rating Services (MERIS) as AA+, AA and A respectively. The first tranche is worth EGP 391 million with a tenor of 13 months, the second is worth EGP 1.377 billion with a tenor of 37 months while the third is worth EGP 772 million with a tenor of 51 months.

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 is subsidiary of Al Ahly Financial Services, which represents the integrated Investment Bank owned by the National Bank of Egypt 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, securities brokerage and research, asset management, and Debt capital markets such as Securitization and Sukuk.. 

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.