Ashurst advises IFC on its first investment in a securitisation in Egypt
Global law firm Ashurst has advised the International Finance Corporation (IFC), the private-sector arm of the World Bank Group, on its participation in GlobalCorp's securitisation bond issuance worth EGP 2.5 billion, marking IFC's first investment in an Egyptian securitisation bond.
The securitisation was structured into three tranches with varying maturities and credit ratings:
- Tranche A: EGP 1.3bn, with a tenor of 25 months and a credit rating of AA+
- Tranche B: EGP 732m, with a tenor of 37 months and a credit rating of AA
- Tranche C: EGP 445m, with a tenor of 49 months and a credit rating of A-
All tranches were rated by Middle East Ratings and Investor Services (MERIS).
The transaction, considered one of the most prominent securitisation issuances in the Egyptian market, reaffirms GlobalCorp’s position as a key player in the integrated financial solutions sector. The IFC participated through a direct investment in US dollars and its equivalent in Egyptian pounds, contributing to the development and diversification of Egypt’s securitisation market.
The Ashurst cross-border team was led by partners Ouns Lemseffer and Agathe Motte, supported by associate Agathe Burtz. Partner Tom Longmuir advised on English law matters, supported by associate Rohan Last.
Matouk Bassiouny & Hennawy acted as local counsel in Egypt, led by partner Imane Raouf and associate Laila Zaki.
