CAIRO - 15 April 2020: EFG Hermes announced Tuesday the closure of Premium International for Credit Services’ second securitization bond issuance worth LE 172 million ($11 million).
EFG Hermes clarified that this comes as part of Premium International two-year program to issue LE 2 billion ($162 million), in securitisation bonds.
In November, Premium International for Credit Services announced the closing of Egypt’s first short-term securitization transaction, worth LE 167 million and backed by a portfolio of consumer card receivables in the total value of LE 184 million.
Premium International assigned the securitization issuance to EFG Hermes as the private to issue a bond portfolio with a total value of LE 201 million, with a guarantee of the credit facilities portfolio granted to Premium customers.
According to the company, the second securitization bond issuance will take place on a single tranche of LE 172 million with a maturity period of 10 months.
It clarified that both issuances have obtained a credit rating (Prime-1) from the Middle East Credit Rating and Investor Service Company (MERIS), which is the strongest creditworthiness rating In the Egyptian bond market.
"Not only was this transaction completed in less than a week after concluding an E£2 billion sukuk issuance last week, it also continues a streak of high-profile DCM deals that we have advised and concluded since the Division launched an independent debt capital markets’ team,” Co-head of investment banking at EFG Hermes Mostafa Gad.
EFG Hermes acted as the sole financial advisor, sole transaction manager & book-runner, underwriter and arranger
CAIRO - 24 November 2019: Premium International for Credit Services announced Sunday the closing of Egypt's first short-term securitization transaction, worth LE 167 million and backed by a portfolio of consumer card receivables in the total value of LE 184 million.
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