EFG Hermes successfully concludes EGP 638mln securitized bond for Palm Hills Developments

EFG Hermes successfully concludes EGP 638mln securitized bond for Palm Hills Developments

Cairo: 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 today the successful closing of an EGP 638 million securitized bond. The issuance is structured as follows:

- Tranche A – valued at EGP 105.27 million 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 232.87 million with a tenor of 36 months and a credit rating of AA from MERIS

- Tranche C – valued at EGP 299.86 million 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 longstanding partners