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EFG Hermes issues Egypt’s 1st short-term bond worth EGP 400m

EFG Hermes issues Egypt’s 1st short-term bond worth EGP 400m
The issuance is the first tranche of the EGP 2 billion bond
EFG Holding
HRHO
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Cairo – Mubasher: EFG Hermes announced that its subsidiary Hermes Securities Brokerage (HSB) has finalised Egypt’s first short-term bonds worth EGP 400 million.  

The issuance is the first tranche of the EGP 2 billion bond originated by EFG Hermes’ investment banking division, according to a statement on Thursday.

This transaction marks the debut flotation of a short-term bond on the Egyptian market, a major milestone since the Financial Regulatory Authority issued its decree regarding the procedures for the issuance of short-term debt instruments,” co-head of investment banking at EFG Hermes, Mostafa Gad, said.

The issuance, which drew robust demand from local and international institutional investors, is part of the company’s plans to cement its position in the country’s developing debt capital markets space and expand its operations in Frontier Emerging Markets, Gad added.

HSB’s landmark issuance comes on the back of the Investment Banking Division's successful completion of a short-term securitisation transaction backed by customer credit portfolios at Premium International,” he noted.

EFG Hermes was the sole financial advisor and sole arranger on the transaction, while Zulficar & Partners was the legal advisor and KPMG served as financial auditor on the transaction.