Palm Hills, EFG Hermes close $15.3mln securitized bond issuance

Palm Hills, EFG Hermes close $15.3mln securitized bond issuance

Arab Finance: Palm Hills Developments (PHD) and EFG Hermes have concluded an EGP 472.5 million securitized bond issuance, according to an emailed press release sent to Arab Finance on July 19th. The bond was offered in three tranches: tranche A is valued at EGP 49.61 million with a tenor of 13 months and a credit rating of AA+ from Middle East Ratings and Investors Service (MERIS), tranche B is worth EGP 137.02 million with a tenor of 36 months and a credit rating of AA from MERIS, and tranche C amounts to EGP 285.86 million with a tenor of 84 months and a credit rating of A from MERIS. EFG Hermes acted as the sole financial advisor, bookrunner, and underwriter on the transaction. Meanwhile, ALC-Alieldean Weshahi and Partners acted as the transaction’s legal advisor, while KPMG acted as the auditor. National Bank of Egypt (NBE), Arab African International Bank (AAIB), and Al Baraka Capital served as the underwriting banks, with Al Baraka Bank acting as a subscriber to the issuance. AAIB was also the transaction’s custodian. “This collaboration not only diversifies our funding sources but also highlights our commitment to growth within the Egyptian real estate sector,” Co-CEO and Managing