Cairo – Mubasher: The Egyptian Financial Group Hermes Holding (EFG Hermes) announced the completion of the second issuance of short-term securitisation bonds worth EGP 172 million to Premium International for Credit Services.
This issuance, which consists of a single 10-month tranche, is part of a two-year securitisation bond issuance programme valued at EGP 2 billion, according to a statement on Tuesday.
Premium International assigned EFG Hermes a portfolio of EGP 201 million
This follows the first issuance of a EGP 167 million short-term securitisation bonds, the first of its kind in the Egyptian market.
The two issuances received a ‘Prime-1’ rating by Middle East Ratings and Investors Service (MERIS).
It is noteworthy that in 2019, EFG Hermes logged net profits of EGP 1.4 billion, up from EGP 1.05 billion in 2018, including minority shareholders’ rights.
