Egypt -  EFG Hermes, an investment bank in the MENA region and part of EFG Holding, has completed the 12th securitized bond issuance for valU, as per an emailed press release to Arab Finance on November 17th.

The issuance, valued at EGP 667.3 million, is the second under valU's newly approved securitization program, which totals EGP 16 billion.

The bonds are backed by a receivables portfolio assigned to EFG for Securitization, the special purpose vehicle (SPV) managing the issuance.

The transaction includes two tranches: Tranche A, valued at EGP 413.7 million, with a 6-month maturity, a Prime 1 (sf) rating, and a fixed interest rate.

Tranche B, valued at EGP 253.6 million, has a 12-month maturity, a Prime 2 (sf) rating, and a fixed interest rate.

EFG Hermes acted as the financial advisor, transaction manager, bookrunner, underwriter, and arranger for the issuance.

First Abu Dhabi Bank Misr (FABMISR) was the underwriter, while Arab African International Bank (AAIB) served as the custodian bank.

Subscribers to the issuance included Arab Banking Cooperation (ABC) and Attijariwafa Bank Egypt.

Legal advice was provided by Dreny & Partners, and Baker Tilly conducted the audit.

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