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EFG Hermes closes EGP 700M securitized bonds

EFG Hermes closes EGP 700M securitized bonds

ArabFinance: Egyptian Financial Group Hermes Holding (EFG Hermes) concluded an issuance worth EGP 700 million of securitized bonds for Amer Group and Porto Group, besides mortgage finance firm Qasatli, according to a January 12th press release.

The transactions marked the first issuance in an EGP 6.5 billion securitization program, where EFG Hermes acted as sole arranger and financial advisor.

Covered more than one time, the issuance is part of a program for a portfolio of EGP 911 million in receivables from five originators, including Amer Group’s four subsidiaries and Qasatli, EFG Hermes noted.

“The transaction follows on the heels of the successful close of a securitization program on behalf of TMG Holding, bringing total debt issuances for the team to nine worth EGP 6 billion since the beginning of 2020,” Co-Head of EFG Hermes' Investment Banking Division Mostafa Gad commented.

Amer Group earlier said its subsidiaries had signed agreements with Financial Group for Securitization Company for the issuance.

 

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