Egypt: Valu finalizes its 15th securitized bond issuance at $20mln
Arab Finance: Valu has concluded its 15th securitized bond issuance at a value of EGP 1.036 billion, with EFG Hermes, an EFG Holding, according to an emailed press release.
The issuance brings the total value of Valu's securitizations to EGP 12.3 billion.
This marks the fifth issuance under the newly approved securitization program, worth a total of EGP 16.0 billion.
The bond is backed by a receivables portfolio assigned to EFG for Securitization, the issuance's special purpose vehicle (SPV), with a 10-month bond, a Prime 1 (sf) rating, and a fixed interest rate.
EFG Hermes served as the sole financial advisor, transaction manager, bookrunner, underwriter, and arranger on the issuance.
Meanwhile, Arab African International Bank (AAIB) acted as the underwriter and custodian bank.
Dreny & Partners was the legal advisor, and Baker Tilly was the auditor.
Karim Riad, CFO of Valu, commented: 'This transaction is a testament to our long-standing and strategic partnership with EFG Hermes. As we continue to scale and diversify our operations, securitization remains a vital component of our funding strategy, enabling us to deliver more innovative financial solutions and reach wider segments of consumers in Egypt and beyond.'
Maie Hamdy, Managing Director - Debt Capital Markets at EFG Hermes, said: 'Our fifth issuance under Valu's EGP 16 billion program reflects the deep trust and consistent collaboration between both institutions. This deal highlights our unmatched structuring capabilities and our ability to tailor complex capital market transactions to support the high growth trajectory of fintech pioneers like Valu.'
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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