EFG Hermes’ arm advises on 200.6 million EGP securitized bond offering

Newsletter

14 Dec 2022

EFG Hermes’ arm advises on 200.6 million EGP securitized bond offering

EFG Hermes’ arm advises on 200.6 million EGP securitized bond offering. The investment banking arm of EFG Hermes Holding (HRHO) concludes advisory on 200.6 million EGP securitized bond issuance for Premium International for Credit Services, which is its seventh offering. The issuance includes two tranches; the first is worth 150.45 million EGP has a 10-month tenor and the second tranche’s value amounts to 50.15 million EGP with a three-year tenor. The issuance is a part of a 2 billion EGP securitization program. It is backed by a receivables portfolio assigned to EFG Hermes Holding’s Financial Group for Securitization, the issuance’s Special Purpose Vehicle (SPV). (Arab Finance)

Egypt seals 108 oil, natural gas deals with international companies in 7 years
Egypt has signed 108 agreements for oil and natural gas exploration with global companies over the past seven years at a value of at least 22 billion USD. The 27 projects were carried out for the development of natural gas fields over the past seven years, with investments estimated at 21 billion USD. The average natural gas production of the country reached 6.5 billion cubic feet a day. The National project to deliver natural gas to households has recorded unprecedented rates, with delivery rates increasing to around 1.2 million clients annually during fiscal year (FY) 2021/2022. (Arab Finance)
Egypt’s exports to East Asia grow hit 6.6 billion USD in 2021
The value of Egypt’s exports to East Asian countries grew by 62.8% to 6.6 billion USD in 2021, versus 4.1 billion USD in 2020. Meanwhile, the value of the country’s imports from East Asia stood at 25.8 billion USD in 2021, rising by 24.3% year-on-year (YoY) from 20.8 billion USD. India was the top East Asian importer of Egyptian goods, with Egyptian exports to India amounting to 2.1 billion USD in 2021, up by 46.5% from 1.4 billion USD in 2020. China was ranked first among the East Asian exporters to Egypt as the North African country's imports from China recorded 14.4 billion USD last year, increasing by 23.4% from 11.7 billion USD in 2020. (Hapi Journal)
Egypt seeks to boost foreign exchange reserves in short, medium terms: Madbouly
The Egyptian government is seeking to reinforce the country’s foreign exchange reserves in the short or medium terms amid the persisting global inflation due to the Russian-Ukrainian crisis. The ongoing cooperation between the government and the Central Bank of Egypt (CBE) to secure sources of supply of US dollar to provide the required essential commodities and inputs. Egypt has a plan based on a number of aspects to secure the country’s needs of foreign currencies until the end of the current fiscal year, in addition to carrying out the emergency plan that aims at dealing with the global economic crises through a supreme committee for the economic performance. (Hapi Journal)
The US will pledge 55 billion USD of investments in Africa over the next three years
White House National Security Adviser Jake Sullivan said ahead of the US-Africa Leaders’ Summit, which kicked off yesterday. The investment commitment comes as the US is working to secure stronger ties with African countries. US President Joe Biden is expected to host a dinner for 50 African leaders tomorrow, where he plans to announce the US will support admitting the African Union to the G20, according to Sullivan. Biden will also reportedly advocate for a permanent African member on the UN Security Council. (Reuters)
valU closes third securitized bond issuance
EFG Hermes’ consumer finance arm valU has issued 854.5 million EGP worth of securitized bonds, according to a statement from our friends at EFG Hermes. The single 12-month tranche is the third in valU’s 2 billion EGP maiden securitization program and holds a Prime-1 rating from Middle East Rating Services (MERIS). The company has now issued more than 85% of its 2 billion EGP securitization program, which kicked off last year with a 323 million EGP bond issuance and was followed by a second EGP 532.6 mn issuance earlier this year. (Hapi Journal)
TMG Holding, AZADEA opens 11 stores in Madinaty
Talaat Moustafa Group Holding (TMG Holding) (TMGH) and lifestyle retailer AZADEA Group celebrated the inauguration of new brands at Madinaty’s Open Air Mall with a total area of 10,000 square meters (sqm). The new brands include ZARA, Oysho, Pull&Bear, Bershka, Stradivarius, Massimo Dutti, and Zara Home. With a 92,000 sqm gross leasable area, Open Air Mall includes 8 eight different buildings containing 300 stores. (Al Mal)
Fawry offers prepaid charging services for NATGAS’ customers
Fawry for Banking Technology and Electronic Payment (FWRY) entered into a partnership with Natgas to offer charging services for prepaid gas meters to its customers. Under the agreement, Fawry will offer charging services for prepaid gas meters to Natgas’ customers through more than 300,000 point-of-sale (POS) machines all over Egypt and FawryPlus branches. (Arab Finance)
EFG’s unit advises 1.8 billion USD Americana listing on Tadawul, ADX
The investment banking arm of EFG Hermes Holding (HRHO) concluded advisory on the 1.8 billion USD IPO of Americana Restaurants International on the Saudi Stock Exchange (Tadawul) and the Abu Dhabi Securities Exchange (EGX). EFG’s unit acted as joint bookrunner and underwriter on the listing. Americana listed 30% of its share capital at AED 2.62 per share on the ADX and at SAR 2.68 per share on Tadawul. The share price implies a market capitalization of 6.01 billion USD. The total value of orders on the offering amounted to 105 billion USD. The IPO was oversubscribed by 58 times. (Al Mal)
Telecom Egypt, Greece’s IPTO ink agreement to build subsea system
Telecom Egypt (ETEL) signed an agreement with Grid Telecom, a wholly-owned subsidiary of Greece’s Independent Power Transmission Operator (IPTO), to build a subsea system connecting Egypt and Greece. The agreement comes in line with Telecom Egypt’s strategy to strengthen its infrastructure and expand its international network and entrance points to Europe through an eastern gateway to the continent via Greece. The new subsea system is planned to connect the Egyptian city of Port Said to Crete Island. The new line will be the shortest path to the Balkan region in eastern Europe. (Arab Finance)
Vicat Egypt raises stake in Sinai Cement for 140 million EGP
Vicat Egypt for Cement Industry bought a 139.55 million EGP additional stake in Sinai Cement Company (SCEM) for 139.55 million EGP. The transaction was executed on 21.502 million shares at a value of EGP 6.49 per share. Accordingly, Vicat’s stake in Sinai Cement rose from 51.02% to 67.18%. Sinai Cement is an Egypt-based company that produces clinker, cement, and other related products, in addition to cement packing bags. (Arab Finance)
Contact Financial’s unit provides LaaS services to boyot
Contact Creditech, the digital consumer finance arm of Contact Financial Holding (CNFN), has signed a cooperation agreement with boyot Property Payment to provide it with lending-as-a-service (LaaS), or marketplace lending. Under the agreement, Contact Creditech will offer boyot’s customers with latest AI technologies through a digital approvals program. The partnership will enable property owners to manage their residential and commercial properties through one platform. Users can also pay maintenance fees in installment plans of up to 60 months. (Arab Finance)