{"id":612562,"date":"2023-12-25T00:00:00","date_gmt":"2023-12-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/25\/valu-phd-aur-leasing-close-securitization-bond-issuances\/"},"modified":"2023-12-25T00:00:00","modified_gmt":"2023-12-25T00:00:00","slug":"valu-phd-aur-leasing-close-securitization-bond-issuances","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/25\/valu-phd-aur-leasing-close-securitization-bond-issuances\/","title":{"rendered":"Valu, PHD, Aur Leasing close securitization bond issuances"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>It has been a very busy day on the debt front<\/strong>, with not one, not two, but three securitization issuances announced in the past 24 hours.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DATA POINT- <\/strong>These new issuances bring the total value of securitized bonds issued in Egypt so far this year to nearlyEGP 86.3 bn, up almost 90% from 2022, according to data tracked by Enterprise.<\/p>\n<p class=\"tag-border-left\">VALU WRAPS EGP 953 MN ISSUANCE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fintech platform Valu has closed a EGP 953.1 mn securitized bond issuance,<\/strong>which was backed by a receivables portfolio, the company said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/12\/1548.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a> yesterday. The four-tranche issuance has tenors between six and 12 months, all rated prime 1.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>No. 7:<\/strong> The issuance, which is part of an extended EGP 9 bn securitization program, brings Valu\u2019s total securitizations to seven, following a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3dcfebda-9e38-4fdd-a044-0e9f164a8cce\" style=\"\" rel=\"noopener\">EGP 922-mn issuance<\/a> in September.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who subscribed?<\/strong> Arab Banking Corporation (ABC), aiBANK, and Al Ahli Bank of Kuwait (ABK) were subscribers to the issuance. AAIB and our friends at EFG Hermes were underwriters.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors:<\/strong> EFG Hermes was the sole financial advisor, sole transaction manager, bookrunner, and arranger. ALC Alieldean Weshahi &amp; Partners acted as counsel, Baker Tilly as auditor, and AAIB as custodian bank.<\/p>\n<p class=\"tag-border-left\">PALM HILLS CLOSES EGP 421 MN ISSUANCE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PHD closes thirds securitization issuance of the year: <\/strong>Our friends at real estate developer Palm Hills Development (PHD) closed a EGP 421 mn securitized bond issuance, according to a joint <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/12\/1606.pdf\" style=\"\" rel=\"noopener\">press release<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/12\/1606.pdf\" style=\"\" rel=\"noopener\">(pdf)<\/a> from PHD and EFG Hermes, the transaction\u2019s sole financial advisor.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details:<\/strong> The issuance, the second in a EGP 5 bn program, came in three tranches with tenors ranging from 13 months to seven years and ratings of AA+, AA, and A from MERIS.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EGP 1.5 bn+ in 2023: <\/strong>PHD has securitized over EGP 1.5 bn of its receivables portfolio this year, after closing <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/71ea69a9-3880-49c8-9a89-cc3fdd32c4a3\" style=\"\" rel=\"noopener\">EGP 638 mn<\/a> issuance in February and another <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/089e8eb3-22fd-423c-8846-df49be75fa82\" style=\"\" rel=\"noopener\">EGP 472.5 mn<\/a> issuance in July.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The buyers: <\/strong>Ahli United Bank and Al Baraka Bank subscribed to the issuance. Al Baraka Capital, AAIB, and CIB were transaction underwriters.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EFG Hermes<\/strong><strong> ran the show,<\/strong> acting as sole financial advisor, bookrunner, and underwriter. ALC Alieldean Weshahi &amp; Partners acted as legal advisor, AAIB was the transaction\u2019s custodian, while KPMG was auditor. <\/p>\n<p class=\"tag-border-left\"> AUR LEASING AND FACTORING RAISES EGP 1.8 BN- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Private equity outfit Aur Capital and Al Ahly Pharos have closed a EGP 1.79 bn <\/strong><strong>securitized bond issuance for Aur Leasing and Factoring<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/12\/1602.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The three-tranche issuance is the second in an EGP 8 bn three-year program and is backed by a EGP 3.1 bn portfolio of Aur leasing\u2019s contracts. The tranches have tenors ranging between 2-5 years and an A+ rating by Middle East Rating Services (MERIS).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Issuance #3 for 2023: <\/strong>This is the third time Aur Leasing and Factoring taps the securitization market this year. The firm kicked off its EGP 8 bn securitization program over the summer, with <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/43729159-94e6-4dff-a092-9c0be573d5fc\" style=\"\" rel=\"noopener\">a EGP 1.1 bn issuance<\/a>. Prior to that it closed a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9378bbab-9733-488f-af78-137f68a6374d\" style=\"\" rel=\"noopener\">EGP 790 mn securitized bond issuance<\/a> in April.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors:<\/strong>Al Ahly Pharos and Aur Capital\u2019s Aur Advisory were financial advisors and lead managers on the transaction. Al Ahly Pharos also acted as arranger and joined the Arab African International Bank (AAIB), and Suez Canal Bank as underwriters. AAIB also acted as the custodian and placement agent. Dreny &amp; Partners acted as the legal advisor and KPMG as auditor.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This brings the total value of securitized bonds issued in Egypt this year to EGP 86 bn<\/p>\n","protected":false},"author":1,"featured_media":612563,"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":[1],"tags":[813,6988,88,84,7107,72,354,85,515],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-612562","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-al-ahly-pharos","tag-aur-leasing-and-factoring","tag-debt-watch","tag-efg-hermes","tag-efg-holding","tag-enterpriseam","tag-palm-hills-developments","tag-securitization","tag-valu","wpautop","entry"],"acf":{"mongo_id":"7c73779c-c3ec-4e08-997c-8e09053d32c8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/11\/1547.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Valu, PHD, Aur Leasing close securitization bond issuances","related_issue":[612555],"teaser":"This brings the total value of securitized bonds issued in Egypt this year to EGP 86 bn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.ab84c68d-1647-4817-8ee0-53cfdab61659.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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