EFG-Hermes Holdings SAE The Close of Egypt's 1st Short Term Bond Issuance (4614X)
19 12월 2019 - 5:16PM
UK Regulatory
TIDMEFGD
RNS Number : 4614X
EFG-Hermes Holdings SAE
19 December 2019
Press Release
EFG Hermes Announces Close on Egypt's First Short-Term Bond
Transaction, Valued at EGP 400 Million
EFG Hermes Investment Banking successfully launches innovative
working capital finance product aimed at corporate clients
(December 19, 2019)
EFG Hermes, the leading financial services corporation in
Frontier Emerging Markets (FEM), announced today that its
Investment Banking Division has successfully completed the Egyptian
market's first short-term bond transaction. The issuance follows
the publication by the Financial Regulatory Authority (FRA) of
Decision No. 172-2018 regarding the rules and procedures for the
issuance of short-term debt instruments. The transaction saw EFG
Hermes Investment Banking arrange the issuance of EGP 400 million,
representing the first tranche of the EGP 2 billion bond, which was
originated by EFG Hermes' subsidiary Hermes Securities Brokerage
(HSB).
Commenting on the issuance, Mostafa Gad, Co-Head of Investment
Banking at EFG Hermes, said, "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. The bond is part and parcel of our strategy for
broadening and deepening EFG Hermes' footprint in Egypt's
developing debt capital markets space, parallel to expanding our
operations in Frontier Emerging Markets."
"The FRA's constant efforts to introduce new regulatory measures
are designed to deepen the Egyptian capital markets, particularly
in the area of non-bank financial instruments," he continued.
"The issuance generated very strong demand from a broad array of
domestic institutional investors and drew the participation of an
international financial institution in the issuance of a short-term
bond for the very first time, an important milestone for the
Egyptian market," added Gad.
"HSB's landmark issuance comes on the back of the Investment
Banking Division's successful completion of a short-term
securitization transaction backed by customer credit portfolios at
Premium International. This previous issuance was similarly
pathbreaking in that it was the first of its kind in the industry,
in addition to its innovative tenor profile. Our intensive efforts
in this space clearly illustrate the initiative EFG Hermes is
taking to further the modernization of the market in the wake of
encouraging regulatory developments," concluded Gad.
EFG Hermes acted as the sole financial adviser and sole arranger
on the transaction. Zulficar & Partners acted as legal adviser
and KPMG acted as financial auditor on the transaction.
-Ends-
About EFG Hermes
With a current footprint spanning thirteen countries across four
continents, EFG Hermes started in Egypt and has grown over 35 years
of success to become a leading financial services corporation with
access to emerging and frontier markets. Drawing on our proven
track record and a team of more than 4,400 talented employees, we
provide a wide spectrum of financial services that include
investment banking, asset management, securities brokerage,
research and private equity to the entire MENA region.
In 2015, EFG Hermes launched the NBFI Platform, EFG Hermes
Finance, which will overlook activities in the non-banking finance
field through EFG Hermes Leasing, Tanmeyah Microfinance, valU for
instalment sale services and EFG Hermes Factoring. This falls in
line with the Firm's strategy to focus on two main pillars: product
diversification and geographic expansion into non-MENA markets,
which has seen the firm establish a physical presence in Pakistan,
Kenya, Bangladesh, Nigeria, Vietnam, the United Kingdom and the
United States.
For further information about EFG Hermes, please visit
www.efghermes.com and stay connected with us.
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END
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December 19, 2019 03:16 ET (08:16 GMT)
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