{"id":612531,"date":"2023-12-24T00:00:00","date_gmt":"2023-12-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/24\/this-evening-valu-concludes-seventh-bond-issuance\/"},"modified":"2023-12-24T00:00:00","modified_gmt":"2023-12-24T00:00:00","slug":"this-evening-valu-concludes-seventh-bond-issuance","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/24\/this-evening-valu-concludes-seventh-bond-issuance\/","title":{"rendered":"THIS EVENING: valU concludes seventh bond issuance"},"content":{"rendered":"

Welcome, friends, to what we think will be the third-slowest news day of 2023<\/strong>, a target set to be eclipsed by Western Christmas and New Year\u2019s Eve. <\/p>\n

That doesn\u2019t mean someone won\u2019t be \u201ctaking out the trash\u201d: <\/strong>That\u2019s when corporate PR types figure folks like us (and our readers) are too preoccupied by visions of sugar plums dancing in our heads to pay attention to the news cycle. <\/p>\n

The result?<\/strong> They try to release news they\u2019d rather nobody notice on exactly a day like this. (Thursday \/ Friday afternoons before a long weekend \u2014 depending on where you sit in the world \u2014 are also popular choices to engage in some janitorial work of the same nature\u2026)<\/p>\n

THE BIG STORY so far today? <\/strong>That would be valU closing its seventh securitized bond issuance. The EFG Holding fintech platform closed the sale of EGP 953.1 mn worth of securitized bonds, the company said in a statement (pdf)<\/a> today. The issuance, which is part of an extended EGP 9 bn securitization program, brings valU\u2019s total securitizations to seven and follows an EGP 922-mn issuance<\/a> in September.<\/p>\n

Advisors:<\/strong> EFG Hermes acted as the sole financial advisor, sole transaction manager, book-runner, and arranger. Our friends at ALC-Alieldean Weshahi & Partners acted as legal advisor, Baker Tilly as auditor, and AAIB as the custodian bank.<\/p>\n

Sound smart: The nation\u2019s market for securitized bonds is booming<\/strong>, up 85.6% this year over 2022 as players in the fast-growing consumer finance industry (for the most part) tap the market for growth capital. <\/p>\n

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THE BIG STORY ABROAD<\/strong><\/p>\n

Dominating the conversation in the international press this afternoon is Israel\u2019s ongoing <\/strong>attacks on Gaza. <\/strong>The IDF claims to have almost total control of Northern Gaza, specifically in Jabalia, where it continued to drop bombs overnight, according to Reuters<\/a>. The Palestinian death toll has risen above 20k, with tens of thousands wounded and many are still lost in the rubble. Meanwhile, Christmas celebrations in Bethlehem are canceled this year, which the Associated Press<\/a> says will impact the city\u2019s economy, as tourism \u2014 usually during Christmas holidays \u2014 accounts for some 70% of its income. <\/p>\n

Over in the Indian Ocean, the US is blaming Iran for a drone attack on the Chem Pluto, a <\/strong>Japanese owned chemical tanker<\/strong> with a Liberian flag, Bloomberg<\/a> reports. Tensions between Washington and Tehran are continuing to rise, particularly as and the US holds Iran responsible for backing Yemen\u2019s armed Houthi group in its attacks on ships in the Red Sea. <\/p>\n

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