{"id":325821,"date":"2022-07-20T13:48:22","date_gmt":"2022-07-20T13:48:22","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=325821"},"modified":"2022-07-20T13:48:22","modified_gmt":"2022-07-20T13:48:22","slug":"cib-succesfully-closes-egp-700m-on-balance-sheet-corporate-bond-issuance","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2022\/07\/20\/cib-succesfully-closes-egp-700m-on-balance-sheet-corporate-bond-issuance\/","title":{"rendered":"CIB succesfully closes EGP 700m on-balance sheet corporate bond issuance"},"content":{"rendered":"<p>Drive Finance and Non-Banking Services (GB Auto\u2019s subsidiary) announced it has issued a corporate bond of EGP 700m the first issuance of an EGP 2bn programme with Commercial International Bank (CIB), Egypt\u2019s largest private sector bank.<\/p>\n<p>Drive Finance is one of Egypt\u2019s top 5 factoring companies, according to the FRA. Since receiving its license in 3Q12, Drive extends its services to a diversified client base, ranging from business-to-business (SMEs) to business-to-consumer (retail), with a focus on auto finance where the company has managed to receive its Consumer Finance License during 3Q21<\/p>\n<p>Over-subscribed by 1.42X, the issuance carries a 60-month tenor, maturing at mid-2027, and each bond will have a nominal value of EGP 100.<\/p>\n<p>The Entity has been rated A- by MERIS (Middle East Rating &amp; Investor Service). The Bond proceeds will be utilized to finance the company\u2019s business activities, in addition to settling part of the existing bank debts.<\/p>\n<p>Commenting on the issuance, Mennan Awadallah, Head of Debt Capital Markets at CIB, said, \u201cThis transaction is a landmark transaction being the first corporate bond issuance in the consumer finance sector.<\/p>\n<p>CIB is a leader in strengthening and revitalizing the non-bank financial services and the Egyptian Bond Market; we were keen to coordinate this issuance with Drive Finance based on our goal in promoting these markets.<\/p>\n<p>We are glad that several funds participated with us in this issuance which is in line with the recent FRA\u2019s direction.<\/p>\n<p>CIB served as sole financial advisor of the transaction, Security Agent, underwriter and placement agent. Dreny &amp; Partners Law Firm served as the legal counsel of the transaction while Change Consultants acted as the issuance auditor.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Drive Finance and Non-Banking Services (GB Auto\u2019s subsidiary) announced it has issued a corporate bond of EGP 700m the first issuance of an EGP 2bn programme with Commercial International Bank (CIB), Egypt\u2019s largest private sector bank.<\/p>\n","protected":false},"author":2,"featured_media":320003,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22,33],"tags":[310],"class_list":["post-325821","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-main","tag-commercial-international-bank-cib"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CIB succesfully closes EGP 700m on-balance sheet corporate bond issuance - 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