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Sunday, 8 August 2021

Corps-Solutions plans EGP 500-700 mn securitized bond sale in 4Q2021

Corps-Solutions securitized bond sale could reach EGP 700 mn: EFG Hermes Corp-Solutions plans to raise EGP 500-700 mn from a securitized bond issuance in 4Q2021, CEO Talal Elayat told Hapi Journal. The non-banking financial services player is currently in negotiations with several banks to manage the issuance, he said, without disclosing further information.

This could be slightly above what we were expecting: Elayat told us earlier this year that the company was looking at a EGP 500 mn issuance for the second half of 2021, and that this would be a part of a larger round of securitization.

Corps-Solutions is just one of a number of companies that look to be preparing to offer asset-backed securities: Upmarket developer SODIC, Contact Financial Holding, Edge Holding, Raya’s Aman, Tamweel Holdings and NUCA’s Al Taamir for Securitization are all reportedly planning to securitize parts of their portfolios in the coming months.

The market has been lukewarm so far this year: SODIC, Palm Hills Development, Premium International and Arabia Investments Holding subsidiary Rawaj have been the only companies to sell asset-backed securities to investors, worth around EGP 2 bn.

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