Egypt’s Madinet Nasr for Housing and Development (MNHD) has clarified that it earlier closed a secrutinized bond issuance on December 19, Invest-Gate reports.

This came in response to recent news circulated that The United Bank issued the first securitized bond issuance worth EGP 305 mn for MNHD.

MNHD said that the securitization transaction was through by the Financial Group for Securitization Company (FGS), while the bank acted as the transaction’s custodian and issued a guarantee letter for the developer, according to a bourse statement on January 26.

In mid-December, MNHD noted that the issuance comes as part of its plan to monetize receivables from delivered units in New Cairo’s Tag Sultan and other completed projects.

EFG-Hermes Promotion and Underwriting, and Commercial International Bank (CIB) acted as structuring advisors, lead managers, and arrangers of the transaction. In addition, the issuance was fully underwritten by EFG-Hermes, CIB, and the National Bank of Egypt (NBE), while Zaki Hashem & Partners firm (ZH&P) acted as legal advisors for the transaction, and KPMG was the auditor for the transaction.