Arab Finance: EFG Hermes, a subsidiary of EFG Holding, has concluded the issuance of an EGP 600 million senior unsecured short-term note for the Hermes Securities Brokerage Company (HSB), a wholly-owned subsidiary of EFG Holding, as per an emailed press release.
This marks the fifth issuance for HSB and the second in a two-year program valued at EGP 2 billion aimed at diversifying funding sources.
Middle East Ratings and Investor Services (MERIS) has affirmed HSB's national scale long-term senior unsecured entity rating at BBB+ with a Stable Outlook, alongside the short-term senior unsecured issuer rating of P2.
The 12-month bullet note carries a variable rate coupon paid after six months and upon maturity. Proceeds from the issuance will bolster HSB's financial portfolio.
EFG Hermes served as the sole financial advisor, transaction manager, book-runner, underwriter, and arranger for this issuance.