EFG Hermes closes EGP 193.65m securitized bond issuance for Premium International

EFG Hermes, the investment bank franchise in Frontier and Emerging Markets (FEM), announced on Tuesday that its investment banking division has successfully concluded advisory on the eighth issuance for Premium International for Credit Services (Premium) in a securitized bond offering worth EGP 193.65m. This is Premium’s first issuance this year, and comes as part of a wider two-year EGP 2bn securitization programme. 

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 94.89m, 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 98.76m, with a tenor of 36 months, and a credit rating of A from MERIS.

This marks the second offering of a securitization issuance with a tenor of three years for Premium, underscoring the company’s efforts to offer clients the opportunity to leverage innovative solutions offering medium-term payment schedules.