Arab Finance: GlobalCorp for Financial Services has completed its first short-term debt issuance, valued at EGP 1 billion, in collaboration with Al Ahly Pharos, according to an emailed press release.

The offering, rated by Middle East Ratings and Investor Services (MERIS), is the first tranche of a broader EGP 2 billion program, marking GlobalCorp's entry into the short-term bond market.

Al Ahly Pharos acted as the financial advisor, lead arranger, issuance manager, bookrunner, and underwriter for the transaction.

 Al Ahli Kuwaiti Bank also participated as an underwriter, while the Arab African International Bank served as the settlement bank alongside Next Bank, which acted as the placement agent.

Meanwhile, El Dereny & Partners acted as legal advisor, while Baker Tilly–Mohamed Helal and Waheed Abdel Ghaffar served as the issuance auditors.

Ahmed El Tobgy, CEO of GlobalCorp, commented: “The successful completion of this issuance marks a significant strategic step in our efforts to diversify funding sources, supporting our growth and expansion plans.”

Additionally, Dyala Saeed, CEO of GlobalCorp and Managing Director of Finance and Factoring activities, said: “This is our first issuance in the short-term bond market and the first dedicated to supporting factoring activities, reflecting our commitment to developing innovative financing solutions that enhance the efficiency of our operations and keep pace with market developments.”

The executives jointly affirmed: “We aim to build on this issuance by expanding our use of short-term debt instruments as a key component of our funding structure, enabling greater flexibility in liquidity management and supporting the growth of our factoring portfolio.”

In August, GlobalCorp finalized two securitization issuances with a combined value of EGP 4.91 billion.  

The issuances were of the company’s second EGP 10 billion securitization program and were oversubscribed by more than 100%, reflecting strong demand from investors.