Palm Hills closes EGP 472.5 mn securitized bond issuance

July 24, 2023

PHD closes second securitization transaction of 2023: Our friends at real estate developer Palm Hills Developments (PHD) has closed a EGP 472.5 mn securitized bond issuance, according to a joint statement (pdf) from PHD and EFG Hermes, which managed the transaction.

EGP 1+ bn and counting: PHD has now securitized more than EGP 1.1 bn of its receivables portfolio this year after closing a EGP 638 mn issuance in February.

DATA POINT- Companies have now issued more t han EGP 38 bn of securitized bonds so far this year, more than double the EGP 16.1 bn issued during the same period last year, according to data tracked by Enterprise.

Advisors: Our friends at EFG Hermes ran the show, acting as sole financial advisor and bookrunner on the issuance. EFG also acted as an underwriter alongside the National Bank of Egypt, Arab African International Bank (AAIB), and Al Baraka Capital. Al Baraka Bank was a subscriber to the issuance , while AAIB acted as transaction custodian. Our friends at ALC Alieldean Weshahi & Partners provided legal counsel, and KPMG was the auditor.

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