{"id":557305,"date":"2021-09-14T04:00:55","date_gmt":"2021-09-14T04:00:55","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/14\/valu-kicks-off-egp-2-bn-securitization-program-fawry-eyes-consumer-finance-space\/"},"modified":"2021-09-14T04:00:55","modified_gmt":"2021-09-14T04:00:55","slug":"valu-kicks-off-egp-2-bn-securitization-program-fawry-eyes-consumer-finance-space","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/14\/valu-kicks-off-egp-2-bn-securitization-program-fawry-eyes-consumer-finance-space\/","title":{"rendered":"Valu kicks off EGP 2 bn securitization program + Fawry eyes consumer finance space"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>EFG Hermes\u2019 consumer finance subsidiary Valu has kicked off its <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9792bf42-8581-4cea-bc12-7ae2a926732f\">EGP 2 bn<\/a><\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9792bf42-8581-4cea-bc12-7ae2a926732f\">securitization program<\/a><\/strong><strong> with a EGP 323 mn bond issuance<\/strong>, according to <a href=\"https:\/\/ent.news\/2021\/9\/valU-Securitization-PRL-ENG.pdf\">a<\/a><sup><\/sup><a href=\"https:\/\/ent.news\/2021\/9\/valU-Securitization-PRL-ENG.pdf\">statement (pdf)<\/a> yesterday from the financial services corporation, whose advisory arm managed the issuance. The security is backed by a EGP 369 mn receivable portfolio, and was given an investment-grade prime-1 rating by Middle East Rating Services, the statement read.<\/p>\n<p><strong>Valu isn\u2019t the only EFG subsidiary selling asset-backed securities:<\/strong> Its factoring and leasing arm, EFG Hermes Corp-Solutions, is also <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9792bf42-8581-4cea-bc12-7ae2a926732f\">planning to take<\/a> an EGP 300 mn issuance to market later this year.<\/p>\n<p><strong>Egypt\u2019s securitization market has been on a roll these past few months: <\/strong>With Raya subsidiary Aman <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3fd792a-1ec8-4398-86fd-ef99cdd2e303\">completing the issuance<\/a> of EGP 585 mn in securitized bonds, while upmarket developer SODIC <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b48e82ec-9602-4999-8ff3-517e4c520c2d\">closed an EGP 343 mn securitized bond sale<\/a> and financial leasing company <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cf5c56ba-18e9-42c6-9bf7-c2714d01b589\">EgyLease<\/a> recently revealing that it is working to issue EGP 750 mn in securitized bonds.<\/p>\n<p><strong>Advisors:<\/strong> EFG Hermes acted as the sole financial advisor, transaction manager, book-runner, underwriter, and arranger on the issuance. Dreny & Partners acted as legal advisor and KPMG was the auditor of the transaction. Suez Canal Bank and AAIB acted as underwriters and AAIB acted as custodian.<\/p>\n<hr class=\"grey-line\">\n<p><strong>In other NBFS news:<\/strong><\/p>\n<ul>\n<li><strong>Fawry will launch a consumer finance company with EGP 10 mn in capital<\/strong>, it announced in <a href=\"https:\/\/ent.news\/2021\/9\/Fawry-consumer-finance-company.pdf\">an EGX filing (pdf)<\/a> yesterday after its board green-lit the decision. The company will be fully owned by Fawry, which will contribute EGP 7.5 mn of the start-up capital, while subsidiary Fawry Microfinance will provide the remainder.<\/li>\n<li><strong>Contact now has the right to promote and cover issuances of securities <\/strong>under amendments approved by its general assembly, according to an <a href=\"https:\/\/ent.news\/2021\/9\/contact-egx.pdf\">EGX disclosure (pdf)<\/a>.<\/li>\n<\/ul>\n<hr class=\"grey-line\">\n<p><strong>OTHER DEBT NEWS- OIH takes out loan for Pyramids sound and light show:<\/strong> Orascom Investment Holding (OIH) will borrow EGP 311 mn from the National Bank of Egypt (NBE) over a nine-year term to improve the Giza Pyramids\u2019 sound and light show, the state-owned bank said in <a href=\"https:\/\/ent.news\/2021\/9\/orascom-holding.pdf\">a statement (pdf)<\/a> yesterday. The company has estimated the project <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a2fc7c72-136b-4895-a6d3-a080152d9119\">will cost EGP 350 mn<\/a> in total, the remainder of which will be self-financed.<\/p>\n<p><strong>More sound, more light:<\/strong> The project, part of the company\u2019s <a href=\"https:\/\/enterprise.press\/hardhats\/giza-pyramids-area-getting-major-makeover-heres\/\">larger development plan<\/a> to revamp the area around the Giza Pyramids, involves installing new equipment to modernize and improve the 40-year-old landmark spectacle, as well as build office spaces for its workers and open restaurants and retail outlets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>EFG Hermes\u2019 consumer finance subsidiary Valu has kicked off its EGP 2 bnsecuritization program with a EGP 323 mn bond issuance, according to astatement (pdf) yesterday from the financial services corporation, whose advisory arm managed the issuance. The security is backed by a EGP 369 mn receivable portfolio, and was given an investment-grade prime-1 rating [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":557306,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7274],"tags":[514,88,84,72,363,85,3437,515],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-557305","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-consumer-finance","tag-debt-watch","tag-efg-hermes","tag-enterpriseam","tag-orascom-construction","tag-securitization","tag-sound-and-light-cinema-company","tag-valu","wpautop","entry"],"acf":{"mongo_id":"d2379b41-d12e-41da-a8aa-0971bc8b04e1","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/9\/185.jpg","photo_position":"above","related_issue":[557297],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Valu kicks off EGP 2 bn securitization program + Fawry eyes consumer finance space - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/14\/valu-kicks-off-egp-2-bn-securitization-program-fawry-eyes-consumer-finance-space\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Valu kicks off EGP 2 bn securitization program + Fawry eyes consumer finance space\" \/>\n<meta property=\"og:description\" content=\"EFG Hermes\u2019 consumer finance subsidiary Valu has kicked off its EGP 2 bnsecuritization program with a EGP 323 mn bond issuance, according to astatement (pdf) yesterday from the financial services corporation, whose advisory arm managed the issuance. 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The single 12-month tranche is the third in valU\u2019s EGP 2 bn maiden securitization program and holds a Prime-1\u2026","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/253.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":583932,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/22\/valu-issues-egp-856-5-mn-in-securitized-bonds\/","url_meta":{"origin":557305,"position":1},"title":"valU issues EGP 856.5 mn in securitized bonds","author":"enterpriseam admin","date":"22 March 2023","format":false,"excerpt":"Total value of securitized debt taken to market is up 5% y-o-y so far this year","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/335.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548707,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/18\/valu-closes-its-second-securitized-bond-issuance\/","url_meta":{"origin":557305,"position":2},"title":"valU closes its second securitized bond issuance","author":"enterpriseam admin","date":"18 August 2022","format":false,"excerpt":"valU just closed its second securitized bond issuance in less than a year: EFG Hermes\u2019 consumer finance arm valU has issued EGP 532.6 mn of securitized bonds, according to a statement (pdf) by our friends at EFG Hermes.About the issuance: The two 12-month tranches are backed by an EGP 609.1\u2026","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/312.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564279,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/22\/valu-plans-maiden-securitized-bond-offering\/","url_meta":{"origin":557305,"position":3},"title":"Valu plans maiden securitized bond offering","author":"enterpriseam admin","date":"22 August 2021","format":false,"excerpt":"Valu is getting into securitization: EFG Hermes subsidiary Valu is planning a maiden securitized bond issuance worth EGP 2 bn, EFG Hermes Finance CEO Walid Hassouna told Al Mal TV (watch,runtime1:06:43). 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