The promotion and underwriting sector of Hermes Financial Group has succeeded in completing the issuance of the second tranche of short-term bonds with a total value of 500 million pounds, according to a statement from the group on Sunday. / p>
The deal is part of a EGP 2 billion issue for Hermes Securities Brokerage launched in December of last year, as it is the first of its kind in the Egyptian market since the issuance of Financial Supervisory Authority Decision No. (172) of 2018 regarding the rules and procedures for issuing and offering short-term bonds.
Mustafa Gad, Co-President of the Promotion and IPO Coverage Sector at EFG Hermes, said in the statement that the issuance witnessed a wide turnout and was covered by an average of 1.3 times of companies operating in the local market without The participation of local banks, which are the usual investors for such deals.
Gad added that the demand of local companies for the second tranche opens the door for more of them to take advantage of the launch of the new financing tools in the Egyptian market as unconventional tools in treasury management.
>
and indicated that this is the ninth deal executed by the group's promotion and subscription coverage sector since the beginning of the year.
He said that the issued tranche provides an attractive maturity period for investors and comes as part of the short-term bonds that were first issued in the Egyptian market late last year.
and expressed his pride in the growing sector's ability to benefit from the modernization taking place in the Egyptian market in light of the development of the market's legislative environment by the Financial Supervision Authority.
It is mentioned that Hermes acted as the sole financial advisor and coordinator of the deal, and also acted as a guarantor for coverage in cooperation with Misr Capital. Legal, in addition to KPMG acting as financial auditor for the deal.
