Palm Hills Closes EGP 638 Mn Securitization

Palm Hills Closes EGP 638 Mn Securitization

Palm Hills Developments (PHD), in collaboration with EFG Hermes, closes an EGP 638 mn securitized bond issuance, Invest-Gate reports.

The issuance’s three tranches have tenors of 13, 36, and 84 months and ratings ranging from AA+ to A from the Middle East Rating & Investors Service (MERIS).

Tarek Tantawy, co-CEO and Managing Director of Palm Hills, says that the issuance brings PHD’s securitized gross receivables to a total of EGP 7.2 bn since its securitization program began in 2016.

Al Baraka Bank was the only named subscriber to have bought into the issuance.

In addition, EFG Hermes acted as sole financial advisor, lead arranger, bookrunner, and underwriter on the issuance, while the National Bank of Egypt and Banque du Caire acted as underwriting banks, with BdC also acting as the subscription bank. Banque Misr acted as transaction custodian.


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