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Hermes Financial Group, the leading financial and investment institution in emerging and emerging markets, announced the successful completion of the issuance of the first tranche of securitization bonds issuance with a total value of 6.5 billion pounds for the benefit of Amer Group, Porto Group and Qastali companies.

 

EFG Hermes played the role of the single issue manager and financial advisor in the first issue of 700 million pounds, which was secured with credit balances and receipts worth 911 million pounds from five exporting companies that include four companies belonging to Amer Group and the mortgage finance company "Qastali", given that the rate of coverage of the segment The first has exceeded the size of the version.

 

The process of issuing securitization bonds is scheduled to be completed in three segments with maturities of 13 months for the first tranche and a maturity period of up to 36 months for the second and up to 60 months for the third tranche, noting that the first tranche obtained an AA + credit rating from the Middle East Credit Rating Corporation "Meris", While the second tranche received an AA rating, while the third tranche received an A.

Mostafa Gad, Co-Chair of the Promotion and IPO Coverage Sector at EFG-Hermes, expressed his pride in continuing the partnership with Amer Group as one of the leading entities in the field of real estate development in the Egyptian market.

 

"Gad", in a press release, said today, Tuesday, that the new deal comes after the successful completion of a securitized bond deal in favor of Talaat Moustafa Group, bringing the total number of debt bond deals that have been implemented by the promotion and coverage sector team in debt arrangement markets 9 deals since the beginning of the year. 2020, with a total value of 6 billion pounds, adding that the success of the deal reflects the ability and efficiency of the work team to expand securitization deals, in light of the increasing importance of asset classes in the Egyptian market.

 

It should be noted that the program for issuing securitization bonds was approved for the benefit of 9 issuing companies during the month of December 2020, which includes four subsidiaries of Amer Group, and four companies affiliated with the Porto Group, and Qastali Company. , With Commercial International Bank also acting as a custodian.