Valu takes another batch of securitized bonds to market: Homegrown fintech leader Valu has raised EGP 1.1 bn in a securitized bond issuance, according to a statement (pdf) from the company. Backed by a receivables portfolio, the bond came in two tranches with tenors of six and 12-months with ratings of Prime 1 and Prime 2.

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A fresh securitization program: The issuance is the first under a newly approved EGP 16 bn securitization program. This is Valu’s 11th securitized bond issuance and follows an EGP 1.2 bn issuance last month.

Who bought in? EFG Hermes and the Arab African International Bank were underwriters and Bank ABC was among those who subscribed to the issuance.

Advisors: EFG Hermes was the sole financial advisor, transaction manager, bookrunner, and arranger on the issuance. AAIB also served as the custodian bank. Dreny & Partners was legal counsel, while Baker Tilly served as the auditor.

DATA POINT- The transaction brings the total value of securitized bonds issued in Egypt so far this year to EGP 18.5 bn, according to data tracked by Enterprise. This is around 40% of the EGP 46.0 bn raised in the same period last year.

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