Our friends at Sarwa Capital have closed a EGP 261 mn securitized bond issuance for Palm Hills Development (PHD), according to a statement to the EGX (pdf). The issuance is part of a EGP 346 mn receivables portfolio from PHD’s Palm Hills Katameya Extension, Palm Parks, and Hacienda White 2, the company said in a release (pdf). PHD plans to use the proceeds to pre-pay its existing debt. The offering is the first tranche of a EGP 560 mn issuance, with another EGP 300 mn tranche expected to follow at an unspecified time. Sarwa Capital was tapped in 2016 to manage the transaction, while CIB and Attijariwafa Bank were chosen as preliminary underwriters.

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