Dreny and Partners Facilitates Major Commercial Paper Issuance

Dreny and Partners, led by Iman Raouf, Partner and Director of Capital Markets and Financial Services, has played a pivotal role in the third issuance of commercial paper by “Global Corp for Financial Services”, valued at 1.35 billion Egyptian pounds.

Six banks have secured the coverage for this issuance. The Commercial International Bank (CIB) acquired the largest share of liquidity, controlling approximately 49.5% of the total transaction. Other participants included the National Bank of Egypt (15%), Suez Canal Bank (14.1%), Kuwait National Bank (8.9%), Arab Banking Corporation (ABC) (8.1%), and Egypt’s Commercial International Bank (CIB) (4.5%).

The new transaction, which Dreny and Partners provided legal counsel for, is part of a multi-issuance program valued at 10 billion Egyptian pounds. The bonds were offered in three tranches with maturities of 24, 37, and 55 months and ratings of AA+, AA, and A respectively by Middle East Rating & Investors Service (MERIS).

CIB and Al Ahli Bank of Kuwait acted as financial advisors for the issuance, in addition to their roles as lead arrangers, underwriters, and offering managers. The National Bank of Egypt took responsibility for subscription records, while CIB acted as custodian, alongside Suez Canal Bank and Al Ahli Securities Company as subscribers.

The proceeds from the issuance are expected to be used to solidify Global Corp’s position among the largest non-banking financial institutions in the market and enhance its expansion plans in Egypt, according to Hatem Samir, Co-Founder, CEO, and Managing Director of the company

MOTAZ EL DRENY Managing Partner and Iman Raouf PARTNER, HEAD OF the CAPITAL MARKETS AND FINANCIAL SERVICES DEPARTMENT (pictured) are the partners in charge of the department’s capital markets and financial services