Arab Finance: EFG Hermes has successfully concluded advisory on an EGP 1 billion securitized bond issuance for EFG Holding’s wholly-owned subsidiary EFG Corp-Solutions, according to an emailed press release.

Marking the third issuance of EFG Corp-Solutions’ securitization program, which expanded in value to EGP 6 billion from EGP 4 billion, the bond is supported by a receivables portfolio assigned to EFG Holding’s Financial Group for Securitization.

The offering consists of three tranches, the first of which is worth EGP 15.2 million, with a tenor of 12 months and a rating of Prime 1 (sf).

Meanwhile, the second tranche is valued at EGP 465.5 million with a tenor of 36 months and an A+ (sf) rating, and the EGP 531.3 million third tranche carries a tenor of 55 months and received a rating of A+ (sf) as well.

EFG Hermes served as the transaction's financial advisor, transaction manager, book-runner, underwriter, and arranger.

The Arab African International Bank (AAIB) was the transaction’s underwriter and custodian, whereas the Arab Banking Cooperation (ABC) and Al Ahli Bank of Kuwait acted as subscribers.

KPMG served as the transaction’s auditor and Dreny and Partners was its legal advisor.

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