Dreny & Partners advised Global Corp for Financial Services on the securitization transaction of its leasing portfolio amounting to EGP 2.475 billion, which comes as part of a wider three-year multi-issuance program with a total value of EGP 10 billion.
The transaction included an anchor subscription by the International Finance Corporation (IFC), marking a first-of-its-kind step in the Middle East and North Africa. It was structured to support sustainable local-currency financing and to broaden access to capital markets, reinforcing institutional investor confidence in the Egyptian non-banking financial sector.
The issuance was backed by a receivable’s portfolio originated by Global Leasing, and was comprised of 3 tranches: Tranche (A) valued at EGP 1,298,000,000 rated (AA+ (sf)), Tranche (B) valued at EGP 732,000,000 rated (AA (sf)), Tranche (C) valued at EGP 445,000,000 rated (A – (sf)) by the Middle East Ratings and Investors Service (MERIS).
The transaction involved a number of key market participants: Al Ahly Pharos Promoting & Underwriting S.A.E. and Commercial International Bank of Egypt (CIB) acted as financial advisors and lead arrangers. National Bank of Egypt, Commercial International Bank of Egypt, Suez Canal Bank, Arab African International Bank, and Al Baraka Bank participated as underwriters. International Commercial Bank of Egypt acted as the custodian, while National Bank of Egypt served as the bookrunner. Baker Tilly acted as the official auditor of the transaction.
The Capital Market Team included: Senior Associate Metwally Sweify, Junior Associate Farah Younes, and Paralegal Youssef Abbas.
From the Capital Market Procedures team: Senior Associate and Head of Capital Market Procedures team Nagy Mostafa Ebeid, and Associates Mohamed Youssef and Ahmed Reda