Cairo – Mubasher: Leading fintech platform Valu has closed its ninth securitised bond issuance at an amount of EGP 616.75 million, according to a press release.

The issuance is part of the approved extended securitization programme worth EGP 9 billion.

Issued in two tranches, the bond is backed by a receivables portfolio assigned to EFG for Securitization as the issuance’s special purpose vehicle (SPV).

The first auction is valued at EGP 370.05 million, holding a 6-month tenor, a Prime 1 (sf) rating, and a fixed interest rate.

The second tranche stood at EGP 246.70 million and will mature in one year. It carries a Prime 2 (sf) rating and a fixed interest rate. 

Shokry Bidair, CFO of Valu, said: “This latest milestone in our journey is a testament to our unwavering commitment towards driving sustainable financial growth and catering to the evolving needs of our clients.”

“The issuance not only strengthens our financial position but also paves the way for us to explore new and innovative opportunities to access the Egyptian debt capital market,” Bidair added.

 EFG Hermes, a subsidiary of EFG Holding, was the sole financial advisor, transaction manager, bookrunner, underwriter, and arranger.

Arab African International Bank (AAIB) also acted as the issuance's underwriter and custodian bank.

Furthermore, Arab Banking Cooperation (ABC) and Al Ahli Bank of Kuwait (ABK) were among the subscribers to the issuance.

In a recent interview with Asharq Business, Walid Hassouna, CEO of Valu, announced the fintech company's plans to offer 25% of its shares on the Egyptian Exchange.