January 21, 2021

EFG Hermes closes 4th issuance of securitization program for Premium International


ArabFinance: Egyptian Financial Group Hermes Holding (EFG Hermes) announced that it closed the fourth issuance of Premium International for Credit Services’ EGP 2 billion securitization program in a transaction worth EGP 170 million, according to recently emailed releases.

The third EGP 160 million issuance closed in September 2020.

Middle East Ratings and Investor Services (MERIS) assigned the EGP 170 million bond a Prime 1 Rating as it did with the last three issuances.

Premium is the originator, assigning a portfolio backed by customer credit to EFG Hermes, the securitization SPV. EFG Hermes acted as the sole financial advisor, sole transaction manager and book-runner, underwriter, and arranger.

The listed firm has a presence in the United Arab Emirates, Saudi Arabia, Kuwait, Jordan, Oman, and Pakistan. It operates under the following segments: holding and treasury, brokerage, asset management, investment banking, private equity, leasing, microfinance, and assets held for sale.

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