EFG Hermes issues 1st tranche of securitization bonds worth LE 700M for 3 companies

SourceEgypt Today
SectorFinancial Markets
CountryMiddle east

CAIRO – 12 January 2021: The Financial Group Hermes Holding (EFG Hermes) announced the successful completion of the issuance of the first tranche of LE 700 million from issuing securitized bonds with a total value of LE 6.5 billion for the benefit of "Amer Group", "Porto Group" and "Qastali".   The company added in a statement today, Tuesday, that it played the role of the single-issue manager and financial advisor in the first issue amounting to LE 700 million and secured with credit balances and receipts amounting to LE 911 million from 5 exporting companies, including 4 subsidiaries of Amer Group and the real estate finance company “Qastali”, noting that the coverage rate of the first tranche has exceeded the size of the issue.   It stated that the process of issuing securitization bonds is scheduled to be completed in 3 segments with maturities of 13 months for the first tranche and a maturity period of up to 36 months for the second and up to 60 months for the third tranche, noting that the first tranche obtained an AA + credit rating from the Middle East Credit ...read more...