Commercial International Bank (CIB), Al Ahly Pharos, and GlobalCorp have completed a securitized bond issuance worth EGP 2.54bn, marking their third joint venture in the Egyptian market. The deal reflects CIB’s innovative financial solutions and GlobalCorp’s growth plan in leasing and factoring services, which aim to promote inclusive and sustainable economic growth.
CIB and Al Ahly Pharos acted as the mandated lead arrangers, financial advisors, book-runners, and underwriters for the transaction. CIB also acted as the placement agent. Arab African International Bank (AAIB) and CI Capital joined them as advisors, while AAIB also served as Underwriters and custodians. Dreny and Partners was the legal advisor and KPMG Hazem Hassan was the transaction auditor.
The issuance was structured across three tranches with different tenors and ratings: Tranche A (EGP 391m, 13 months, AA+), Tranche B (EGP 1.377bn, 37 months, AA), and Tranche C (EGP 772m, 51 months, A). The ratings were assigned by Middle East Credit Rating and Investor Service Company (MERIS), highlighting the strong financial backing of the bond. The bond was backed by a leasing contracts portfolio transferred by Global Corp totaling EGP 3.8bn.
The offering attracted significant interest from a variety of investors, who were impressed by the unique structure and premium pricing of the bond as well as the trust Global Corp has established with the investors since its launch.
This achievement is CIB’s fourth securitization issuance closure in the Egyptian market in 2023, amounting to EGP 21bn, with more issuances in the pipeline. This demonstrates CIB’s commitment to delivering impactful financial solutions and its role as a leader in the financial industry.
