EFG Hermes closes 2nd securitization issuance for MNHD at EGP 805.5M
Updated 3/5/2023 11:37:00 AM
Arab Finance: EFG Hermes Holding (HRHO) has concluded an EGP 805.5 million securitized bond issuance for real estate developer Madinet Nasr for Housing and Development (MNHD), EFG Hermes stated on March 5th.
The issuance is a part of MNHD's EGP 3 billion securitization program started in 2022 to monetize its receivables portfolio and unlock growth capital.
EFG Hermes acted as the sole financial advisor, lead arranger, bookrunner, and underwriter on the transaction.
Dreny and Partners acted as a legal advisor for the issuance process. National Bank of Egypt (NBE) and Arab African International Bank (AAIB) participated in this transaction as underwriters.
The Commercial International Bank (CIB) served as the transaction custodian bank.
The issuance is divided into three tranches; Tranche A with a value of EGP 241.7 million with a tenor of 13 months and a credit rating of (AA+) from Middle East Ratings and Investors Service (MERIS).
Tranche B is valued at EGP 310.1 million and rated AA with a tenor of 36 months, while Tranche C is valued at EGP 253.7 million, with a tenor of 60 months, and a credit rating of (A) from MERIS.
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