EFG Hermes closes Palm Hills Developments securitization issuance worth EGP 421mln

EFG Hermes closes Palm Hills Developments securitization issuance worth EGP 421mln

Cairo: EFG Hermes, the leading investment bank in Frontier and Emerging Markets (FEM) under EFG Holding and Palm Hills Developments (PHD), a leading real estate developer in Egypt jointly announced today the successful closing of an EGP 421 million securitized bond, the second issuance in a newly approved EGP 5 billion program.

The issuance is structured as follows:

- Tranche A – valued at EGP 50.52 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 155.77 million with a tenor of 36 months and a credit rating of AA from MERIS

- Tranche C – valued at EGP 214.71 million with a tenor of 84 months and a credit rating of A from MERIS

Maie Hamdy, Managing Director of Debt Capital Markets at EFG Hermes, commented: "We are delighted to report the successful closure of PHD's EGP 5 billion securitized bond program's second issuance, which demonstrates our long-standing partnership with the prominent Egyptian developer. The issuance garnered significant interest from investors, highlighting the ongoing significance and demand for top-tier real estate assets in the Egyptian market. This deal also underscores our leading role as the preferred