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MENA-based Buy-Now, Pay-Later (BNPL) solutions provider Valu has closed its 11th securitized bond issuance worth 1.09 million Egyptian pounds ($22,329).
The issuance is the first under the newly approved securitization program worth a total of EGP 16 billion, the fintech company said.
The bond is backed by a receivables portfolio assigned to EFG for Securitization, the issuance’s special purpose vehicle (SPV), and is comprised of two tranches:
Tranche A – Valued at EGP 676.98 million, with a 6-month bond tenor, a Prime 1 (sf) rating, and a fixed interest rate.
Tranche B – Valued at EGP 414.92 million, with a 12-month bond tenor, a Prime 2 (sf) rating, and a fixed interest rate.
The company did not disclose the interest rate.
(Writing by Brinda Darasha; editing by Seban Scaria)
