Valu closes another securitized bond issuance: Homegrown fintech leader Valu has raised EGP 667.3 mn in a securitized bond issuance, according to a statement (pdf) from transaction manager EFG Hermes. Backed by a receivables portfolio, the issuance came in two tranches with tenors of six and 12 months with ratings of Prime 1 and Prime 2.

Issuance 2.0: The issuance is the second under a new EGP 16 bn securitization program that kicked off in August with a EGP 1.1 bn issuance. This is Valu’s 12th securitized bond issuance.

Who bought in? EFG Hermes and First Abu Dhabi Bank Misr were underwriters and Bank ABC and Attijariwafa Bank Egypt were among those who subscribed to the issuance.

Advisors: EFG Hermes was the sole financial advisor, transaction manager, bookrunner, and arranger. The Arab African International Bank (AAIB) was the custodian bank, while Dreny & Partners was legal advisor and Baker Tilly was auditor.

DATA POINT: This issuance brings the total value of securitized bonds issued in Egypt this year to EGP 28.4 bn — 53.8% less than the amount raised in the same period last year — according to data tracked by EnterpriseAM.

Tags: