EFG Hermes and Misr Italia Properties announce second securitization issuance worth EGP 986mln

EFG Hermes and Misr Italia Properties announce second securitization issuance worth EGP 986mln

Cairo: EFG Hermes, the leading investment banking franchise in Frontier and Emerging Markets (FEM), and Misr Italia Properties, one of Egypt’s leading real estate developers, announced today the successful conclusion of the latter’s second securitized bond issuance worth EGP 986 million, which comes as part of a wider EGP 2.5 billion securitization program.

The bond is backed by a receivables portfolio originated by two of Misr Italia Holding’s subsidiaries, and is comprised of three tranches:

- Tranche A – valued at EGP 197.20 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 428.91 million, with a tenor of 36 months, and a credit rating of AA from MERIS

- Tranche C – valued at EGP 359.89 million, with a tenor of 61 months, and a credit rating of A from MERIS

Maie Hamdy, Managing Director - Debt Capital Markets at EFG Hermes commented: “We are delighted to be a part of Misr Italia’s second securitization issuance, and to be supporting the real estate powerhouse in achieving its growth plans as it looks to expand its operational footprint by leveraging our versatile funding offerings. Following the immense