valU finalizes EGP 1.09B securitized bond issuance
Updated 8/26/2024 9:49:00 AM
Arab Finance: valU has completed its 11th securitized bond issuance worth EGP 1.091 billion, as per an emailed press release.
This marks the first issuance under a newly approved EGP 16 billion securitization program.
The bond is backed by a receivables portfolio assigned to EFG for Securitization, which served as the special purpose vehicle (SPV) for the issuance.
The bond comprises two tranches: Tranche A, valued at EGP 676.98 million with a six-month bond tenor and a Prime 1 (sf) rating, and Tranche B, valued at EGP 414.92 million with a 12-month bond tenor and a Prime 2 (sf) rating. Both tranches have a fixed interest rate.
EFG Hermes acted as the sole financial advisor, transaction manager, bookrunner, underwriter, and arranger for the issuance.
Arab African International Bank (AAIB) served as the underwriter and custodian bank, while Arab Banking Corporation (ABC) and others were the subscribers.
Dreny & Partners provided legal advice, and Baker Tilly was the auditor for the issuance.
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