EFG Hermes to win fresh approval for EGP 170 mln securitized bond issuance soon

A fresh 170 million Egyptian pound ($10.8 milion) securitised bond issuance EFG Hermes is looking to take to the Egyptian market should soon get regulatory approval, the country’s watchdog head told local press on Tuesday.
EFG Hermes has already obtained an approval on Monday to issue securitisation bonds worth 1 billion pounds in favour of a portfolio it manages, Egyptian Financial Regulatory Authority (FRA) head Mohamed Omran added.
The FRA hopes to increase debt instrument issuances by 15-20 percent, said Omran, particularly considering the increased recent surge in securitised bond issuances.
Omran’s remarks came during an online conference held by EFG Hermes. He added that, despite the economic implications of the novel coronavirus (COVID-19) pandemic, 2020 witnessed a significant 9 percent growth in the value of securitisation bond issuances.