PHD to delay securitization plan until interest rate drops

Palm Hills Developments (PHD) is delaying its EGP 500 mn securitized bond issuance until after interest rates drop, Managing Director Tarek Abdel Rahman tells Al Borsa. The company will be looking to the CBE’s Monetary Policy Committee meeting on 16 November to gauge where interest rates are heading. He added that Sarwa Capital will manage the issuance while preliminary underwriters for the transactions will be CIB and Attijariwafa Bank.