EFG Hermes concludes advisory on HSB’s $8.07mln senior unsecured short-term note issuance

EFG Hermes concludes advisory on HSB’s $8.07mln senior unsecured short-term note issuance

Egypt - EFG Hermes, the leading investment bank franchise in Frontier and Emerging Markets (FEM), announced Tuesday that its investment banking division has successfully closed the issuance of a senior unsecured short-term note for the Hermes Securities Brokerage Company (HSB) — a wholly owned subsidiary of EFG Hermes Holding — in a transaction worth EGP 250m. This marks the fourth issuance for HSB and the first in a newly approved two-year program worth EGP 2bn.

The Middle East Ratings and Investor Services (MERIS) affirmed the national scale long-term senior unsecured entity rating at “BBB+” with a Stable Outlook and the short-term senior unsecured issuer rating of “P2” to HSB. The 12-month bullet note will carry a fixed rate coupon paid at the end of the bond, with proceeds aimed at diversifying HSB’s funding sources.

Commenting on the issuance, Mostafa Gad, Co-Head of Investment Banking at EFG Hermes, said: “We are incredibly proud of the success our very own HSB’s previous issuances have garnered and are happy to be supporting the MENA region’s leading brokerage house as it closes its fourth issuance in the market and the first in its newly approved program. Our expansive presence in Egypt’s DCM space perfectly positions us