EFG Hermes- Reuters
CAIRO - 4 January 2022: EFG Hermes had completed the sixth issue, worth LE 170 million, as part of the process of issuing LE 2 billion securitization bonds for Premium International for credit services.
The deal represents the company's first issuance of securitized bonds this year, after two issues last year as part of the two-year short-term securitization bond program for Premium International.
Premium International for Credit Services has assigned the securitization process to EFG Hermes in its capacity as the securitization company to issue a bond portfolio backed by a portfolio guarantee of credit facilities granted to Premium clients.
It is scheduled to complete the issuance process, amounting to LE 170 million, in one tranche, with maturities of 10 months.
The issuance received a credit rating of (Prime-1) from the Middle East Credit Rating Corporation (MERIS), the same rating that was obtained by the previous five issues.
Mostafa Gad, co-head of the promotion and underwriting sector at EFG Hermes, said that this partnership with "Premium International" confirms the high growth rate in the debt issuance and arrangement market in Egypt.
He pointed out that the successful completion of the sixth issue within the process of issuing securitization bonds reflects the increasing interest in this type of asset class.
This deal comes after Hermes completed, in December 2021, the first issuance of securitization bonds for Pioneers Properties for Urban Development, amounting to LE 627.5 million, as well as the first issuance of securitization bonds for its subsidiary, EFG Hermes for Financing Solutions, with a value of LE 790 million.
In September, the company completed the first issue of securitization bonds for its subsidiary “Valeo” with a value of LE 322.5 million.
EFG Hermes acted as the sole financial advisor and sole manager of the issue, as well as the sole regulator, promoter and underwriter of the issue.
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