Cairo - Mubasher: Six of October Development and Investment (SODIC) announced that its wholly-owned subsidiary SODIC for Securitization closed its first securitisation bond issuance of EGP 343 million backed by a receivables portfolio worth EGP 384 million, corresponding to future instalments for 753 handed over residential units in Eastown Residences in east Cairo and Caesar in the North Coast.

The issuance includes two tranches with tenors of 13 and 36 months which received credit ratings of AA+ and A, respectively, from Middle East Ratings and Investor Services (MERIS), SODIC said in a bourse disclosure on Tuesday. 

The 13-month tranche has a value of EGP 235 million and a fixed coupon rate of 9.55%, while the 36-month tranche has a value of EGP 108 million and a fixed coupon rate of 9.9%. 

EFG Hermes acted as the financial advisor, arranger, manager, promotor, and co-underwriter of the transaction, along with National Bank of Egypt (NBE), Commercial International Bank-Egypt (CIB), Arab African International Bank (AAIB), and Suez Canal Bank.

While and Case was the legal advisor, while KPMG was the financial auditor for the issuance and CIB acted as the custodian.