GlobalCorp Successfully Executes the Largest Mortgage Securitization Issuance in the Egyptian Market at EGP 3.31 Bn
Ollin (Mortgage) has completed its second securitization bond issuance, valued at EGP 3.3billion, after obtaining approval from the Financial Regulatory Authority (FRA).
This issuance falls under the company’s third approved securitization program.
The issuance is aimed to diversify GobalCorp funding tunnels and strengthen its financing Capabilities as the bonds were structured to align with multiple investor segments through three tranches with different maturities and credit ratings.
• Tranche (A): EGP 1.6 billion, with a tenor of 25 months and a credit rating of AA+.
• Tranche (B): EGP 955 million, with a tenor of 37 months and a credit rating of AA.
• Tranche (C): EGP 775 million, with a tenor of 49 months and a credit rating of A-.
All three tranches were rated by Middle East Ratings and Investor Services (MERIS).
Within this context, Mohammed Abdelwahab, Ollin (Mortgage Finance) Chief Executive Officer, stated “this issuance represents the largest mortgage securitization transaction in Egypt history, with a value of EGP 3.31bn, highlighting strong performance and market leadership, within the past eight months, We have successfully executed two issuance totally EGP 5.9bn, cementing accelerated growth and strong confidence of the market and Investors in our Capabilities and performance.
A consortium of major financial institutions participated in structuring and managing the issuance, with the Arab African International Bank, Commercial International Bank (CIB), Al Ahly Pharos, and AlBaraka Capital acting as financial advisors, arrangers, issuance managers, and bookrunners, while the National Bank of Egypt acted as the subscription receiving bank, and the Arab African International Bank also assumed the role of custodian.
Several major banks also participated in the subscription, including the Commercial International Bank (CIB), Al Baraka Bank Egypt, Housing and Development Bank, Al Ahli Bank of Kuwait – Egypt, and Arab Banking Corporation – Egypt.
The issuance witnessed strong investor demand, underscoring growing confidence in the quality of GlobalCorp portfolios and the strength of its financial position, alongside active participation from banking institutions.
GlobalCorp Financial Services Group was established in 2015 and provides integrated financial solutions including leasing, factoring, securitization, consumer finance, and mortgage finance, serving large corporates, small and medium-sized enterprises, as well as individuals. The group’s shareholder structure comprises a consortium of investors including Amethis, the European Bank for Reconstruction and Development (EBRD), and SPE Capital, in partnership with the group’s founder and CEO, Hatem Samir.
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