Cairo –  Premium International for Credit Services (Premium Card) has completed a EGP 182 million short-term securitised bond offering, the third issuance of its EGP 2 billion two-year short-term securitisation programme.

The 10-month bond issuance is backed by a pool of consumer card receivables, according to a statement on Monday.

The offering received “Prime 1” rating, the highest rating in the Egyptian bond market, from Middle East Rating & Investors Service (MERIS), the regional Moody’s affiliate.

The programme, the first of its kind in Egypt, was approved by the Egyptian Financial Regulatory Authority (FRA) as per the law no. 172 of 2018 for the issuance of short-term debt instruments.

The third issuance was 100% subscribed by several institutional investors, namely the Egyptian Financial Group Hermes Holding (EFG Hermes), Arab African International Bank (AAIB), and the Egyptian Gulf Bank (EG Bank).

EFG Hermes and AAIB acted as lead arrangers and co-underwriters along with EG Bank. EFG Hermes was hired as sole financial advisor, bookrunner, and transaction manager, while AAIB served as placement agent and custodian of the transaction.

Dreny & Partners acted as the legal advisor, and KPMG Hazem Hassan as the financial auditor for the transaction.

Source: Mubasher

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