This marks the fourth issuance for HSB and the first in a newly approved two-year program worth EGP 2bn. The Middle East Ratings and Investor Services (MERIS) affirmed the national scale long-term senior unsecured entity rating at “BBB+” with a Stable Outlook and the short-term senior unsecured issuer rating of “P2” to HSB. The investment banking division recently concluded advisory on valU’s fourth securitization issuance worth EGP 856.5m, Premium International for Credit Services’ eighth, EGP 193.65m securitized bond issuance, and Bedaya Mortgage Finance’s second, EGP 958m securitization issuance. The division also advised on the EGP 638m securitization issuance for Palm Hills Development (PHD), the second, EGP 805.5m issuance for Madinet Nasr for Housing and Development (MNHD), and Al Taamir Mortgage Finance – Al Oula’s first securitization issuance worth EGP 998.5m. EFG Hermes acted as the sole financial advisor, sole transaction manager and book-runner, underwriter, and arranger on the issuance.

Source: Daily News Egypt April 12, 2023 20:11 UTC