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Monday, 26 July 2021

EFG Hermes closes fifth securitized bond sale for Premium International

EFG Hermes closes EGP 211 mn securitized bond issuance for Premium International: EFG Hermes has completed the fifth tranche of Premium International's EGP 2 bn short-term securitized bond program, EFG Hermes said in a statement (pdf). The EGP 211 mn issuance comprises a single 10-month tranche rated “Prime 1 Rating” — the highest rating assigned by Middle East Ratings and Investor Services.

This is the second issuance for the consumer finance firm this year after EFG closed the fourth, EGP 170 mn tranche in January.

Premium has now completed almost half of the EGP 2 bn program, selling securities worth EGP 902 mn during the five tranches. In October 2019, Premium closed the first EGP 167 mn issuance of the program, the second, EGP 172 mn offering in April 2020 and the third, EGP 182 mn issuance in September 2020.

Advisors: EFG Hermes is assigned as the sole financial advisor, sole transaction manager and book-runner, underwriter, and arranger on the issuance.

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