EFG Hermes, the leading investment bank franchise, announced it closed the issuance of a senior unsecured short-term note for Hermes Securities Brokerage Company (HSB) in a transaction worth 250 milllion EGP.
Hermes Securities Brokerage Company (HSB) is a wholly owned subsidiary of EFG Hermes Holding.
The Middle East Ratings and Investor Services (MERIS) confirmed 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 12-month bullet note will carry a fixed rate coupon paid at the end of the bond, with proceeds aimed at diversifying HSB’s funding sources.
This is the fourth issuance for HSB and the first in a newly approved two-year program worth 2 billion EGP .
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