Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD) announced the completion of the first securitisation bond, backed by MNHD’s receivables portfolio of EGP 370 million.

The issuance is in line with the real estate developer’s strategy to monetise receivables from delivered units in Tag Sultan, Premera, and Waha projects, according to a statement to the Egyptian Exchange (EGX) on Thursday.

The EGP 305 million bond include three tranches carrying ratings of AA+, AA, and A, by Middle East Ratings and Investors Service (MERIS).

EFG Hermes Promoting and Underwriting and Commercial International Bank – Egypt (CBE) were tapped as structuring advisor, lead managers, and arrangers of the transaction.

Moreover, the issuance was underwritten by EFG Hermes, CIB, and the National Bank of Egypt (NBE).

“Units in Tag Sultan, Primera, and Waha projects were utilised for this securitisation,” the company’s CEO, Ahmed El-HItamy said, noting that “MNHD has an ambitious target to continue securitising when deliveries in Taj City and SARAI materialise in 2020.”