Madinet Nasr Housing Development (MNHD) closed on December 19 an EGP 370 mn securitized bond issuance by Financial Group for Securitization Company (FGS), Invest-Gate reports.

This comes as part of MNHD’s plan to monetize receivables from delivered units in New Cairo’s Tag Sultan and other completed projects, according to a bourse statement released on December 19.

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 acted as the auditors for the transaction, the statement added.

The three tranches of the bond, worth EGP 305 mn, received ratings of AA+, AA and A by Middle East Rating & Investors Service (MERIS).

Earlier in December, MNHD’s board of directors (BoD) approved an EGP 150 mn credit facility extended by the United Bank.