EFG Holding wraps up EGP 421M securitization issuance for Palm Hills
Updated 12/25/2023 10:23:00 AM
Arab Finance: The investment banking division of EFG Holding has successfully concluded advisory on an EGP 421 million securitized bond issuance for the real estate developer Palm Hills Developments, as per an emailed press release.
This marks Palm Hills’ second issuance under a wider issuance program worth EGP 5 billion.
The offering consists of three tranches, the first of which is worth EGP 50.52 million, with a tenor of 13 months and a rating of AA+ from Middle East Ratings and Investor Services (MERIS).
Meanwhile, the second tranche is valued at EGP 155.77 million with a tenor of 36 months and an AA rating from MERIS, and the EGP 214.71 million third tranche carries a tenor of 84 months and received a rating of A.
EFG Holding served as the sole financial advisor, bookrunner, and underwriter.
ALC-Alieldean Weshahi & Partners was the transaction’s legal advisor, while KPMG acted as the transaction’s auditor.
Arab African International Bank (AAIB), Commercial International Bank (CIB), and Al Baraka Capital acted as the underwriting banks.
Al Baraka Bank and Ahli United Bank were subscribers to the issuance.
AAIB was also the transaction’s custodian.
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