Arab Finance: valU has closed a securitized bond issuance valued at EGP 735.0 million, marking its 19th issuance and the third under its fifth securitization program, as per an emailed press release.
The transaction was carried out in partnership with EFG Hermes, an EFG Holding company and an investment bank in the Middle East and North Africa.
The bond is backed by a receivables portfolio assigned to EFG for Securitization, which acts as the special purpose vehicle for the issuance.
The offering carries a tenor of 17 months and is divided into two fixed-rate tranches.
Tranche A totals EGP 621.1 million as a 12-month bond rated P1 (sf), while tranche B amounts to EGP 113.9 million as a 17-month bond rated A- (sf).
EFG Hermes served as sole financial advisor, transaction manager, bookrunner, underwriter, and arranger.
Arab African International Bank acted as underwriter and custodian, with Dreny & Partners as legal advisor and Baker Tilly as auditor.