Another securitization from Premium Card: Consumer finance firm PremiumInternational Credit Services (Premium Card) has closed a EGP 193.7 mn securitization, our friends at financial advisor EFG Hermes Holding said in a press release(pdf) yesterday. The bond was issued in a 10-month tranche with a “prime one” rating and a 36-month tranche with an “A” rating from Middle East Rating Services (MERIS).

Premium is nearly 75% through its EGP 2 bn program: The company has securitized EGP 1.5 bn of its receivables portfolio since it kicked off a EGP 2 bn program in October 2019. This issuance — the eighth in the program — follows on from a EGP 202 mn issuance in December.

Advisors: EFG Hermes ran the show, acting as the sole financial advisor, sole transaction manager, and bookrunner, underwriter, and arranger on the issuance. Arab African International Bank was mandated lead arranger and underwriter, and Banque Misr acted as an underwriting bank and the custodian bank. aiBankalso subscribed to the transaction. Dreny and Partners acted as legal advisors, while KPMG was the auditor.

2023 so far: The latest issuance takes the total value of securitized bond issuances this year to some EGP 10.6 bn, up 7% from the same period last year.

Tags: