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Wednesday, 27 October 2021

EFG Hermes Corp-Solutions plans EGP 1 bn bond issuance early 2022

EFG Hermes Corp-Solutions is planning a EGP 1 bn securitized bond sale early next year in early 2022, CEO Talal Elayat told Al Mal. This is in addition to a EGP 700 mn issuance the company is still planning to take to market later this quarter provided it gets regulatory approval, he said.

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. The company’s first securitization bond program was issued in 2018 with a value of EGP 350 mn.

IN OTHER DEBT NEWS- Talaat Moustafa Group is reportedly planning to take to market EGP 700 mn in securitized bonds before the year is out, Al Borsa reports, quoting unnamed sources. The sale would be part of a three-year EGP 6 bn securitization program TMG plans to push ahead with, that would involve several issuances, the sources say. EFG will reportedly act as the financial advisor for the program, while Dreny and Partners will act as legal counsel.

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