Valu closes EGP 888M securitized bond issuance
Updated 3/24/2024 12:54:00 PM
Arab Finance: Valu has concluded its eighth securitized bond issuance worth EGP 888 million, as per an emailed press release on March 24th.
The issuance is part of the approved extended program valued at EGP 9 billion.
The bond offering is supported by a receivables portfolio assigned to EFG Securitization.
It consists of two tranches with fixed interest rates, the first of which is worth EGP 639.4 million, with a tenor of 6 months and a Prime 1 (sf) rating.
Meanwhile, the second tranche is valued at EGP 248.6 million with a tenor of 12 months and a Prime 2(sf) rating.
EFG Holding served as the issuance’s sole financial advisor, sole transaction manager. The Arab African International Bank (AAIB) acted as underwriter along with EFG Holding.
AAIB was also the custodian bank on the issuance.
Arab Banking Cooperation (ABC) and Al Ahli Bank of Kuwait (ABK) were among the subscribers to the issuance.
Dreny & Partners served as the legal advisor, while Baker Tilly was the transaction’s auditor.
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