{"id":557343,"date":"2021-09-15T04:00:47","date_gmt":"2021-09-15T04:00:47","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/suez-canal-bank-and-aaib-submit-offers-for-90-of-valus-maiden-securitized-bond-issuance\/"},"modified":"2021-09-15T04:00:47","modified_gmt":"2021-09-15T04:00:47","slug":"suez-canal-bank-and-aaib-submit-offers-for-90-of-valus-maiden-securitized-bond-issuance","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/suez-canal-bank-and-aaib-submit-offers-for-90-of-valus-maiden-securitized-bond-issuance\/","title":{"rendered":"Suez Canal Bank and AAIB submit offers for 90% of Valu\u2019s maiden securitized bond issuance"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Two banks want almost all of Valu\u2019s securitized bond issuance: <\/strong>The Suez Canal Bank and the Arab African International Bank (AAIB) are looking to snap up almost 90% of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d2379b41-d12e-41da-a8aa-0971bc8b04e1\">EGP 323<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d2379b41-d12e-41da-a8aa-0971bc8b04e1\">mn maiden securitized bond issuance<\/a> by EFG Hermes\u2019 consumer finance arm Valu, Suez Canal Bank Chairman Hussein Rifai told us yesterday. The two banks submitted offers worth EGP 145 mn each.<\/p>\n<p><strong>Earlier this week, Valu <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d2379b41-d12e-41da-a8aa-0971bc8b04e1\">kicked off<\/a><\/strong><strong> its EGP 2 bn securitization program<\/strong> with a EGP 323 mn bond issuance, which was given an investment-grade prime-1 rating by Middle East Rating Services. The two banks acted as underwriters on the issuance and AAIB acted as custodian. This issuance received \u201csignificant interest\u201d from financial providers, Mostafa Gad, co-head of investment banking at EFG Hermes <a href=\"https:\/\/ent.news\/2021\/9\/valU-Securitization-PRL-ENG.pdf\">said (pdf)<\/a>.<\/p>\n<p><strong>IN OTHER DEBT NEWS-<\/strong><\/p>\n<p><strong>The AAIB has signed a medium-term financing agreement worth EGP 1.3 bn <\/strong>with Sky Investments and Misr Real Estate Assets Management to complete the Park St. restaurant and retail development in Sheikh Zayed, according to a <a href=\"https:\/\/ent.news\/2021\/9\/SKY-2021-PRL-V1_-003-002-002.pdf\">statement (pdf)<\/a>. AAIB acted as the lead arranger, underwriter and account bank in the agreement, while its subsidiary Arab African International Leasing acted as the guarantor.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Two banks want almost all of Valu\u2019s securitized bond issuance: The Suez Canal Bank and the Arab African International Bank (AAIB) are looking to snap up almost 90% of the EGP 323mn maiden securitized bond issuance by EFG Hermes\u2019 consumer finance arm Valu, Suez Canal Bank Chairman Hussein Rifai told us yesterday. The two banks [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":557344,"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":[430,88,84,72,85,1164,515],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-557343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-arab-african-international-bank","tag-debt-watch","tag-efg-hermes","tag-enterpriseam","tag-securitization","tag-suez-canal-bank","tag-valu","wpautop","entry"],"acf":{"mongo_id":"7ac9ba15-8ac9-4a02-8ae1-3d317d25c4e2","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/9\/206.jpg","photo_position":"above","related_issue":[557337],"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>Suez Canal Bank and AAIB submit offers for 90% of Valu\u2019s maiden securitized bond issuance - 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\/15\/suez-canal-bank-and-aaib-submit-offers-for-90-of-valus-maiden-securitized-bond-issuance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Suez Canal Bank and AAIB submit offers for 90% of Valu\u2019s maiden securitized bond issuance\" \/>\n<meta property=\"og:description\" content=\"Two banks want almost all of Valu\u2019s securitized bond issuance: The Suez Canal Bank and the Arab African International Bank (AAIB) are looking to snap up almost 90% of the EGP 323mn maiden securitized bond issuance by EFG Hermes\u2019 consumer finance arm Valu, Suez Canal Bank Chairman Hussein Rifai told us yesterday. 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