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.