PHD to get regulatory approval for securitization bonds, plans another issuance before year end

Palm Hills Developments (PHD) announced beginningthe regulatory procedures necessary to get approvals for its EGP 700 mn securitized bonds issuance. PHD says it is also in process of obtaining the bonds’ credit rating. It says a second securitization transaction for bonds worth EGP 600-700 mn and carrying tenors of up to five years will take place before 2017 ends. Sarwa Capital is managing the transaction.