EFG Hermes closes $44.66mln securitisation bond issuance for three firms

The issuance is backed by a portfolio of receivables worth $58.10mln

  
The building of EFG-Hermes, also known as Egyptian Financial Group Hermes Holding Co SAE, is seen at the Smart Village in the outskirts of Cairo, Egypt, October 27, 2015.

The building of EFG-Hermes, also known as Egyptian Financial Group Hermes Holding Co SAE, is seen at the Smart Village in the outskirts of Cairo, Egypt, October 27, 2015.

REUTERS/Asmaa Waguih
Cairo –  The Egyptian Financial Group Hermes Holding (EFG Hermes) has concluded the first issuance of a securitisation programme worth EGP 6.5 billion for Amer Group Holding Co, Porto Group Holding, and Qasatli.

EFG Hermes served as sole arranger and financial advisor on the EGP 700 million issuance, according to a statement on Tuesday.

The issuance, covered more than one time, is backed by a portfolio of receivables worth EGP 911 million from five companies, including four subsidiaries of Amer Group as well as Qasatli.

The programme includes three tranches of securitised bonds with maturities of 13, 36, and 60 months which are rated at AA+, AA, and A, respectively, by Middle East Rating & Investors Service (MERIS).

Source: Mubasher

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