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Monday, 6 June 2022

EFG Hermes Corp-Solutions closes EGP 500 mn bond issuance

EFG Hermes Corp-Solutions has closed an EGP 500 mn bond issuance that the company said is the first component of a “wider EGP 3 bn bond program” for the leasing and factoring player. EFG Hermes investment banking division announced the close of the transaction in a statement (pdf) out yesterday.

What they said: “This issuance is part and parcel of our strategy to deepen our presence in the market, allowing us to finance our operational growth targets and execute on plans to expand and diversify both our leasing and factoring service offerings to reach a wider segment [of] clients looking for sources of alternative corporate financing,” CEO Talal El Ayat said.

EFG Hermes’ MD for debt capital markets, Maie Hamdy, sees investor interest in bonds is picking up: “With the CBE hiking interest rates to curb inflationary pressures, the need for alternative corporate financing solutions continues to grow in tandem in our home market. At the same time, bonds in every corner of the global debt market are recovering as investors turn toward fixed-income assets once again.”

Advisors: EFG Hermes was the sole financial advisor, transaction manager, bookrunner, underwriter, and arranger on the issuance. Dreny & Partners acted as legal advisor and KPMG audited the issuance.

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