{"id":564685,"date":"2021-02-21T13:31:11","date_gmt":"2021-02-21T13:31:11","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/21\/the-debt-market-has-been-good-to-efg-hermes-corp-solutions\/"},"modified":"2021-02-21T13:31:11","modified_gmt":"2021-02-21T13:31:11","slug":"the-debt-market-has-been-good-to-efg-hermes-corp-solutions","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/21\/the-debt-market-has-been-good-to-efg-hermes-corp-solutions\/","title":{"rendered":"The debt market has been good to EFG Hermes Corp Solutions"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>Talal Elayat, CEO of EFG Hermes Corp-Solutions, on the firm's plans for the debt market: <\/strong>The non-banking financial services (NBFS) sector has done well despite pressure from the covid-19 pandemic, including the near shutdown of the market in the early days of corona and a holiday on repayments ordered by the regulator. A <a href=\"http:\/\/www.iopsweb.org\/Egypt-FRA-Press%20Release-27August2020.pdf\">stress test (pdf)<\/a> conducted last year by the Financial Regulatory Authority to gauge the sector\u2019s resilience showed that institutions\u2019 financial positions were \u201crobust\u201d and remained sufficiently liquid to cope with the effects of the pandemic.<\/p>\n<p><strong>One company that didn\u2019t suffer from covid was <\/strong><strong><a href=\"https:\/\/efghermescorp.solutions\/\">EFG Hermes Corp-Solutions<\/a><\/strong>, whose leasing and factoring services saw a surge in demand over the 12-month period. We sat down with the company\u2019s CEO, Talal Elayat, to find out more about how it has coped with the challenging conditions, the state of the NBFS sector, and its plans for the future.<\/p>\n<p><strong>Key takeaways:<\/strong><\/p>\n<ul>\n<li>2020 was a strong year for Corp-Solutions;<\/li>\n<li>Its total portfolio grew 55% and its factoring portfolio more than doubled;<\/li>\n<li>It is planning to securitize EGP 500 mn of its portfolio later this year;<\/li>\n<li>It wasn\u2019t just banks investing in EFG\u2019s latest issuance;<\/li>\n<li>The company has kept bad loans below 1.6% of its portfolio despite the pandemic.<\/li>\n<\/ul>\n<p><strong>Edited excerpts of our conversation:<\/strong><\/p>\n<p><strong>Corp-Solutions brushed off the pandemic in 2020: <\/strong>In mid-2020, EFG Hermes merged its leasing & factoring services under one entity, setting it up for a year in which it improved its market position despite the pandemic. EFG Hermes Corp-Solutions\u2019 combined leasing and factoring portfolio reached EGP 6 bn by the end of 2020, jumping 55% y-o-y, with the majority (EGP 5.1 bn) coming from leasing, while factoring took EGP 800 mn.<\/p>\n<p><strong>And the company made its play for Egypt\u2019s factoring market: <\/strong>The factoring business, which we launched in 2018, grew around 120% last year. The majority of the customers are with the leasing arm, but last year we started to build on our existing customer base and expand the factoring arm. (Factoring is where you sell a middleman your unpaid receivable, taking funding today but leaving some of it on the table for the middleman to make a margin. Sound complicated? <strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6604a04a-9370-42f1-a7a3-e3af5dfc0357\">We have your back in Enterprise Explains: Factoring.<\/a><\/strong>)<\/p>\n<p><strong>Corp-Solutions isn\u2019t focused on a particular sector or client base:<\/strong> We aim to tap all sectors rather than prioritizing one over the other, but we are giving more attention to the industries driving the Egyptian economy. These include healthcare, education, construction, and fintech. As far as our client base goes, we\u2019re pushing back our plans for increased targeting of SMEs \u2014 one of our goals since our inception \u2014 due to the pandemic and until the market stabilizes.<\/p>\n<p><strong>When life gives you lemons\u2026<\/strong> The pandemic was full of uncertainties due to the partial lockdown of the economy, but it opened up potential mergers, acquisitions, and new investments. We\u2019ve taken this time as a chance to support a large number of entities with their financing needs, resulting in more customers and an expansion of our loan book.<\/p>\n<p><strong>Central bank stimulus helped to support the NBFS sector through covid:<\/strong> The Central Bank of Egypt (CBE) certainly had a big hand in stabilizing the market last year with its monetary stimulus measures. Its debt relief initiative, which delayed loan repayments for individuals and businesses, and the interest rate cuts it enacted helped the market to grow.<\/p>\n<p><strong>How bad were NPLs thanks to covid? <\/strong>Corp-Solutions is closely monitoring its clients to align their plans and mitigate risks. As a result, the company\u2019s non-performing loans (NPLs) did not exceed 1.6% of the overall portfolio in 2020. Looking ahead, we\u2019re aiming to trim our NPLs by growing our portfolio, bolstering our client relationships by offering support and different solutions. All of this, however, is subject to market conditions stabilizing.<\/p>\n<p><strong>Elayat welcomes the prospect of lower rates:<\/strong> Further cuts would unlock capex borrowing and encourage companies in expansion. It would also improve competitiveness for local NBFS players due to the lower cost of borrowing.<\/p>\n<p><strong>Egypt\u2019s debt securities market is booming: <\/strong>The securitization market saw significant growth in 2020 and will maintain this uptrend this year as players look to reduce exposure of their balance sheets and diversify their funding mix. Diversifying the investor base away from banks is also important for the development and liquidity of the debt capital market.<\/p>\n<p><strong>EFG Hermes is planning a EGP 500 mn issuance in 2H2020:<\/strong> Corp-Solutions is looking to tap capital markets once again following a successful first issuance a few years ago. We're looking at an issuance worth EGP 500 mn as part of a larger program in 2H2020. But it won\u2019t be limited to the sale of receivables.<\/p>\n<p><strong>Bringing retail investors into the securitized bond market:<\/strong> Diversifying the investor base away from banks is important for the development and liquidity of the debt capital market. The recent securitized bond issuance led by EFG Hermes on behalf of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7cceca97-24f4-425c-82aa-1f57c286dabb\">Hermes Securities Brokerage (HSB)<\/a> saw participation from a diverse base of retail investors including high net worth individuals and corporates. With the Financial Regulatory Authority (FRA) and the CBE pushing to enhance the market and the funding mix, the company hopes to see more retail investors participating in the market in the near future.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Talal Elayat, CEO of EFG Hermes Corp-Solutions, on the firm's plans for the debt market: The non-banking financial services (NBFS) sector has done well despite pressure from the covid-19 pandemic, including the near shutdown of the market in the early days of corona and a holiday on repayments ordered by the regulator. A stress test [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":564686,"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":[7279],"tags":[88,820,633,595,85,2073,3373],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-564685","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-spotlight","tag-debt-watch","tag-efg-hermes-corp-solutions","tag-enterprisepm","tag-non-banking-financial-services","tag-securitization","tag-spotlight","tag-talal-elayat","wpautop","entry"],"acf":{"mongo_id":"b380be47-dace-4f2a-807e-cc3ab3d6ed0d","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/2\/484.jpg","photo_position":"above","related_issue":[564679],"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>The debt market has been good to EFG Hermes Corp Solutions - 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\/02\/21\/the-debt-market-has-been-good-to-efg-hermes-corp-solutions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The debt market has been good to EFG Hermes Corp Solutions\" \/>\n<meta property=\"og:description\" content=\"Talal Elayat, CEO of EFG Hermes Corp-Solutions, on the firm&#039;s plans for the debt market: The non-banking financial services (NBFS) sector has done well despite pressure from the covid-19 pandemic, including the near shutdown of the market in the early days of corona and a holiday on repayments ordered by the regulator. 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This is in addition to a EGP 700 mn issuance the company is still planning to take to market later this quarter provided it gets regulatory\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\/2021\/10\/291.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562093,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/06\/efgs-leasing-and-factoring-ambitions\/","url_meta":{"origin":564685,"position":1},"title":"EFG\u2019s leasing and factoring ambitions","author":"enterpriseam admin","date":"6 May 2021","format":false,"excerpt":"EFG Hermes Corp-Solutions plans to grow its leasing and factoring portfolio by EGP 3 bn in 2021, CEO Talal Elayat told Al Mal, according to a report in the newspaper\u2019s print edition this morning. The company signed leasing and factoring agreements worth EGP 1 bn in 1Q2021, bringing its total\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":543527,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/06\/efg-hermes-corp-solutions-plans-to-take-out-egp-2-bn-in-loans-this-year\/","url_meta":{"origin":564685,"position":2},"title":"EFG Hermes Corp-Solutions plans to take out EGP 2 bn in loans this year","author":"enterpriseam admin","date":"6 February 2022","format":false,"excerpt":"EFG Hermes Corp-Solutions is negotiating with banks to borrow EGP 2 bn in 2022, CEO Talal Elayat told Al Mal last week. The funding will be directed at supporting the company\u2019s leasing and factoring activities. Corp-Solutions lent around EGP 8 bn last year, swelling the company\u2019s current portfolio to around\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":564279,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/22\/valu-plans-maiden-securitized-bond-offering\/","url_meta":{"origin":564685,"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). The consumer finance lender could kick start the program before the end of the year with a EGP 300\u2026","rel":"","context":"In &quot;SPEED ROUND: DEBT WATCH&quot;","block_context":{"text":"SPEED ROUND: DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/492.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":554242,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/27\/efg-hermes-signs-egp-750-mn-sale-leaseback-agreement-with-mnhd\/","url_meta":{"origin":564685,"position":4},"title":"EFG Hermes signs EGP 750 mn sale + leaseback agreement with MNHD","author":"enterpriseam admin","date":"27 December 2021","format":false,"excerpt":"EFG Hermes\u2019 leasing and factoring arm has signed an EGP 750 mn sale and leaseback agreement with Madinet Nasr for Housing and Development (MNHD), the two companies said in a statement (pdf) on Sunday. The agreement is for the sale and leaseback of MNHD\u2019s Cobalt district in its Taj City\u2026","rel":"","context":"In &quot;NON-BANK FINANCE&quot;","block_context":{"text":"NON-BANK FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/category\/non-bank-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/493.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544574,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/efg-hermes-signs-egp-600-mn-sale-and-leaseback-agreement-with-lmd\/","url_meta":{"origin":564685,"position":5},"title":"EFG Hermes signs EGP 600 mn sale and leaseback agreement with LMD","author":"enterpriseam admin","date":"10 March 2022","format":false,"excerpt":"EFG Hermes Corp-Solutions has signed a EGP 600 mn sale and leaseback agreement with real estate developer LMD to finance its multi-purpose 3\u2019Sixty project in New Cairo, it announced in a press release (pdf) yesterday. The developer received the funding in two equal tranches, which were disbursed in January and\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\/3\/126.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/564685","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=564685"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/564685\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/564679"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/564686"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=564685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=564685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=564685"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=564685"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=564685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}