EFG Hermes, the leading investment bank franchise in Frontier and Emerging Markets (FEM), announced today that its investment banking division successfully closed valU's - the MENA region's leading Buy-Now, Pay-Later (BNPL) lifestyle-enabling fintech platform - third securitised bond issuance worth EGP 854.5m ($34.6 m), which comes as part of a wider EGP 2.0bn ($81m) programme that was approved by the FRA in July 2021.
The bond is backed by a receivables portfolio, assigned to EFG Hermes Holding's Financial Group for securitisation, the issuance's Special Purpose Vehicle (SPV). It is comprised of a single tranche, with a Prime 1 (sf ) rating and a tenor of 12 months.
