EFG Hermes advises on EGP 425 securitized bond issuance for Pioneers Properties
Updated 7/24/2022 10:46:00 AM
Arab Finance: EFG Hermes Holding (HRHO) has announced the closure of EGP 425 securitized bond issuance for Pioneers Properties for Urban Development (PRDC) and its affiliates, which is the second issuance in an EGP 3 billion program, according to a press release on July 24th.
The bond includes four tranches, of which the first tranche amounts to EGP 57.4 million with a tenor of 13 months, while the second is valued at EGP 42.5 million with a 13-month tenor.
The third and fourth tranches amount to EGP 144.5 million and EGP 180.6 million, respectively, with 36-month and 72-months tenors
EFG Hermes acted as the sole financial advisor, sole transaction manager and book-runner, underwriter, and arranger on the issuance, while National Bank of Egypt (NBE) and Banque du Caire (BDC) (BQDC), and Commercial International Bank Egypt (CIB) (COMI), were underwriters. CIB acted as the custodian bank.
The legal advisor for the issuance was Baker & McKenzie and the auditor was KPMG.
It is worth mentioning that the Financial Regulatory Authority (FRA) approved the second issuance of the securitized bonds for Pioneers Properties and its related parties.
EFG Hermes is a leading financial services company in Egypt listed on the Egyptian Exchange (EGX), with a presence in 13 countries, including the UAE, Saudi Arabia, Kuwait, Jordan, Oman, and Pakistan.
