DEBT WATCH- EFG’s Tanmeyah issues EGP 545 mn in securitized bonds as part of EGP 3 bn program: Tanmeyah Micro Enterprise Services has issued EGP 545 mn of one-year securitized bonds, Baker McKenzie’s Cairo office Helmy, Hamza & Partners — which acted as legal counsel for the EFG Hermes microfinance subsidiary — said in a statement (pdf). The issuance is part of a EGP 3 bn program to securitize a microfinance portfolio, and is the second time bonds backed by microloan payments have been issued in Egypt, after Raya Holdings' issuance last year. EFG Hermes acted as the primary lead manager, arranger, and advisor for the transaction.

Correction- 2 June 2020

A previous version of this story incorrectly said that Tanmeyah's was the first microfinance issuance in the Egyptian market. 

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