Home Feature EFG Hermes manages EGP 2bln securitization bonds for Premium International

EFG Hermes manages EGP 2bln securitization bonds for Premium International

by Gehad Abdelghany
EFG Hermes

EFG Hermes is managing 2 billion Egyptian pounds short-term securitization bond issuance programme  for Premium International for Credit Services within two years, – Mostafa Gad,  Co-Head of EFG Hermes’ Investment Banking Division said.

The programme has been granted the approval of Financial Regulatory Authority in October 2019, he added in a press conference.

Premium International for Credit Services (“Premium”, or the “Company”) is the originator who assigned a  portfolio  of 184  million Egyptian pounds to  EFG  Hermes,  the  Securitization SPV, backed by  the  portfolios of  Premium customer credit. The 167million pounds bond, which consists of a single 10-monthtranche,receiveda “Prime 1 Rating”, the  strongest amongst other  Egyptian  bond  issuances  as  quoted  by  Middle  East  Ratings  and Investor Services (MERIS).

EFG  Hermes  acted  as  the  sole  financial  advisor,  sole arranger,  and co-underwriter along with The  Arab African  International  Bank,  who  is  also  the  issuances’ custodian.

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