EFG Hermes successfully closes seventh issuance for premium international for credit services in securitized bond offering worth EGP 200.6mln

EFG Hermes successfully closes seventh issuance for premium international for credit services in securitized bond offering worth EGP 200.6mln

Cairo: EFG Hermes, the leading investment banking franchise in Frontier and Emerging Markets (FEM), announced today that its Investment Banking division has successfully concluded advisory on the seventh issuance for Premium International for Credit Services (Premium) in a securitized bond offering worth EGP 200.6 million. This marks Premium’s second issuance this year and is part of a wider two-year EGP 2.0 billion securitization program.

The bond is backed by a receivables portfolio assigned to EFG Hermes Holding’s Financial Group for Securitization, the issuance’s Special Purpose Vehicle (SPV).

The bond is comprised of two tranches:

- Tranche A – valued at EGP 150.45 million, with a tenor of 10 months, and a Prime 1 rating (sf)[1] from Middle East Ratings and Investor Services (MERIS)

- Tranche B – valued at EGP 50.15 million, with a tenor of three years, and a credit rating of A from MERIS

This marks the first offering of a medium-term securitization issuance with a tenor of three years, a direct reflection of Premium’s latest push to offer its clients innovative solutions with medium-term payment schedules.

Maie Hamdy, Managing Director - Debt Capital Markets at EFG Hermes, commented: “We are delighted to be a part of this transaction for Premium, which follows the