EFG Hermes and Misr Italia Properties announce conclusion of the latter’s EGP 986 mn securitized bond issuance, which is a part of a large EGP 2.5 bn securitization program, Invest-Gate reports.

The issuance is backed by a receivables portfolio originated by two of Misr Italia Holding’s subsidiaries.

It comprises three tranches; the first tranche totals EGP 197.2 mn and has a tenor of 13 months, while the second and third tranches are worth EGP 428.91 mn and EGP 359.89 mn, respectively, with tenors of 36 and 61 months.

“Following the immense success of the first issuance, which garnered significant traction from investors, the second issuance comes as part of our strategy to bring innovative financing solutions to various key sectors that generate sustainable value for both our clients and investors alike,” Managing Director – Debt Capital Markets at EFG Hermes, Maie Hamdy, says.

CEO and Managing Director of Misr Italia Properties, Mohamed Khaled El Assal, comments: “We are happy to be further building on our partnership with EFG Hermes, and to be announcing our second issuance in the EGP 2.5 bn program — a testament to Misr Italia’s financial strength and our commitment to our clients.”

EFG Hermes acts as a sole financial advisor, bookrunner, and underwriter on the issuance, with Al Ahli Pharos acting as Lead Arranger, and Commercial International Bank (CIB) and National Bank of Egypt (NBE) acting as underwriters.

The legal advisor for the issuance is Dreny and Partners and the auditor was KPMG. CIB also acts as the transaction custodian bank.