EFG Hermes closes EGP 211M securitization transaction for Premium International

ArabFinance: EFG Hermes closed the fifth issuance of Premium International for Credit Services' EGP 2 billion securitization program, according to EFG Hermes' statement released on July 25th.

This is the second issuance in 2021 and the fifth for the two-year program which amounts to EGP 211 million. The fourth EGP 170 million issuance closed in January 2021.

Middle East Ratings and Investor Services assigned the EGP 211 million bond, which consists of a single 10-month tranche, a Prime 1 Rating, as it did with the last four issuances, making it one of the highest-rated bond issuances in the Egyptian market.

Premium International for Credit Services is the originator, assigning a portfolio backed by customer credit to EFG Hermes, the securitization special purpose vehicle.

Earlier, EFG Hermes has been assigned as lead underwriter to the Initial Public Offering of Rajhi Group’s Alwatania Poultry Egypt.

The listed company has a presence in the United Arab Emirates, Saudi Arabia, Kuwait, Jordan, Oman, and Pakistan. It operates in holding and treasury, brokerage, asset management, investment banking, private equity, leasing, microfinance, and assets held for sale.