Sarwa Capital is expected to complete a EGP 560 mn securitized bond issuance for Palm Hills Development (PHD) this month, according to Sarwa Managing Director Ayman El Sawy. The offering will be split into two, with the first EGP 260 mn tranche set to be issued this week, with another EGP 300 mn tranche to follow, El Sawy reportedly said, adding that Tharwa has received the Financial Regulatory Authority’s (FRA) approval on the transaction. We had said in late February that PHD was seeking FRA approval to issue EGP 300-350 mn in securitized bonds, and was considering upping the offer to EGP 1.6 bn. Sarwa Capital was tapped in 2016 to manage the transaction, for which CIB and Attijariwafa Bank were chosen as preliminary underwriters.

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