EFG Hermes issues 1st short-term bond in Egypt

Egypt’s EFG Hermes said on Thursday its Investment Banking Division has successfully completed first short-term bond transaction in the Egyptian market.

The issuance follows the decision No. 172-2018  issued  by the Egyptian Financial Regulatory Authority (FRA) regarding the rules and procedures for the short-term debt instruments.

EFG Hermes Investment Banking has arranged the issuance 400 million Egyptian pounds ($25 million), representing the first tranche of 2 billion-pound bond  in favour of its EFG Hermes’ subsidiary Hermes Securities Brokerage (HSB).

“This transaction marks the debut flotation of a short-term bond on the Egyptian market, a major milestone since the Financial Regulatory Authority issued its decree regarding the procedures for the issuance of short-term debt instruments.”, Mostafa Gad, Co-Head of Investment Banking at EFG Hermes, said.