Valu closes EGP 1.2B securitized bond issuance
Updated 7/1/2024 11:18:00 AM
Arab Finance: Valu has concluded its tenth securitized bond issuance worth EGP 1.2 billion, as per an emailed press release.
The issuance is part of the approved extended securitization program valued at EGP 9 billion.
The bond offering is supported by a receivables portfolio assigned to EFG for Securitization.
It consists of two tranches with fixed interest rates, the first of which is worth EGP 691.6 million, with a tenor of 6 months and a Prime 1 (sf) rating.
Meanwhile, the second tranche is valued at EGP 461 million with a tenor of 12 months and a Prime 2(sf) rating.
EFG Hermes acted as the sole financial advisor, transaction manager, bookrunner, underwriter, and arranger.
The Arab African International Bank (AAIB) served as the underwriter and custodian bank, while the Arab Banking Cooperation (ABC) was among the subscribers to the issuance.
Dreny & Partners was the legal advisor, while Baker Tilly was the transaction’s auditor.
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