RIYADH: EFG Hermes Corp-Solutions, the investment banking division of EFG Hermes has successfully closed an 500 million Egyptian pounds ($27 million) bond issuance, a transaction which is part of a wider 3 billion Egyptian pounds bond program, the company said in a statement. The bond, which received a credit rating of “A-“ from Middle East Ratings and Investor Services, has two tranches. The first tranche, “A,” which is valued at 450 million pounds has a tenure of 24 months, while the second tranche, “B” is valued at 50 million pounds with a tenure of 24 months. “We are delighted to have advised EFG Hermes Corp-Solutions on its first bond issuance. With the CBE hiking interest rates to curb inflationary pressures, the need for alternative corporate financing solutions continues to grow in tandem in our home market,” said Maie Hamdy, managing director of Debt Capital Markets at EFG Hermes. Talal El Ayat, CEO of EFG Hermes Corp-Solutions said: “This issuance is part and parcel of our strategy to deepen our presence in the market, allowing us to finance our operational growth targets and execute on plans to expand and diversify both our leasing and factoring service offerings to reach wider segment clients looking for sources of alternative corporate financing.” In this bond issuance, EFG Hermes acted as the sole financial adviser, sole transaction manager, book runner, underwriter, and arranger. Dreny acted as legal adviser for the issuance while KPMG audited the deal. The subscription bank in the issuance was Commercial International Bank.