EFG Hermes concludes $20.87mln securitized bonds for Palm Hills Developments

EFG Hermes concludes $20.87mln securitized bonds for Palm Hills Developments

Egypt - EFG Hermes, the leading investment bank franchise in Frontier and Emerging Markets (FEM), and Palm Hills Developments (PHD), a leading real estate developer in Egypt, jointly announced Saturday the successful closing of an EGP 638m securitized bond.

The issuance is structured as follows: Tranche A valued at EGP 105.27m with a tenor of 13 months and a credit rating of AA+ from Middle East Ratings and Investors Service (MERIS), tranche B valued at EGP 232.87m with a tenor of 36 months and a credit rating of AA from MERIS, and tranche C valued at EGP 299.86m with a tenor of 84 months and a credit rating of A from MERIS.

Maie Hamdy, Managing Director – Debt Capital Markets at EFG Hermes commented: “We are thrilled to be concluding this transaction for the Egyptian real estate giant today. The offering attracted significant interest from a multitude of investors, capitalizing both on the unique structure and premium pricing of the bond as well as the trust PHD has built with investors since its launch. As we continue to broaden our capabilities in the debt capital market space, we’re committed to developing bespoke solutions for long-standing partners such as PHD to unlock the