valU issues EGP 854.5 mn in securitized bonds
valU closes third securitized bond issuance: EFG Hermes’ consumer finance arm valU has issued EGP 854.5 mn worth of securitized bonds, according to a statement from our friends at EFG Hermes. The single 12-month tranche is the third in valU’s EGP 2 bn maiden securitization program and holds a Prime-1 rating from Middle East Rating Services (MERIS).
The company has now issued more than 85% of its EGP 2 bn securitization program, which kicked off last year with an EGP 323 mn bond issuance and was followed by a second EGP 532.6 mn issuance earlier this year.
Advisors: EFG Hermes acted as sole financial advisor, sole transaction manager, bookrunner, underwriter, and arranger on the issuance, according to the statement. CIB and the National Bank of Egypt were underwriters and aiBank subscribed to the issuance.
A bumper year for securitizations: The total value of securitized bond issuances brought to market this year now stands at some EGP 45.2 bn, almost triple the EGP 15.8 bn taken to market last year.