EFG Hermes manages EGP 2bln securitization bonds for Premium International

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.