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Palm Hills closes seventh securitisation bond issuance worth EGP 1.05bn

Palm Hills closes seventh securitisation bond issuance worth EGP 1.05bn
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Palm Hills
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Cairo – Mubasher: Palm Hills Developments (PHD) has completed its seventh securitisation bond issuance backed by a receivables portfolio of around EGP 1.05 billion, in cooperation with Sarwa Capital, a subsidiary of Contact Financial Holding.

Issued in four tranches with ratings of AA+, AA, A+, A-, the bonds are related to 331 handed over residential units, according to a bourse filing on Thursday.

The issuance was fully underwritten and co-arranged by several banks, including National Bank of Egypt, Banque Misr, Misr Capital, Commercial International Bank - Egypt, and Ahli United Bank - Egypt.

PHD’s Executive Chairman, Yasseen Mansour, said: "I am very pleased with the successful closing of our seventh securitisation transaction, bringing our gross securitised receivables portfolio to EGP 6.2 billion since we started the programme back in 2016."

Meanwhile, Contact Financial’s Group CFO, Ayman El Sawy, commented: "We are pleased to successfully close the seventh securitisation bond for Palm Hills Developments issued as part of the agreed securitization program in which we issued together around EGP 4.6 billion."