{"id":543833,"date":"2022-02-21T04:23:57","date_gmt":"2022-02-21T04:23:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/21\/misr-italia-issues-egp-794-mn-securitized-bond-raya-eyes-egp-2-bn-securitization-this-year\/"},"modified":"2022-02-21T04:23:57","modified_gmt":"2022-02-21T04:23:57","slug":"misr-italia-issues-egp-794-mn-securitized-bond-raya-eyes-egp-2-bn-securitization-this-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/21\/misr-italia-issues-egp-794-mn-securitized-bond-raya-eyes-egp-2-bn-securitization-this-year\/","title":{"rendered":"Misr Italia issues EGP 794 mn securitized bond + Raya eyes EGP 2 bn securitization this year"},"content":{"rendered":"

<\/a> Misr Italia Properties has closed its first EGP 794 mn issuance as part of an EGP <\/strong>2.5 bn <\/strong>securitization program<\/a><\/strong>, according to a statement (pdf)<\/a> yesterday from EFG Hermes, which advised on the transaction. The bond is backed by a receivables portfolio of around EGP 1 bn by two of the real estate developer\u2019s subsidiaries, the statement said.<\/p>\n

Who\u2019s buying? <\/strong>The sale received \u201cwidespread interest\u201d from investors, EFG investment banking co-head Mostafa Gad was quoted as saying in the release. Arab Investment Bank \u2014 which was acquired by EFG and the Sovereign Fund of Egypt<\/a> last year \u2014 participated in the transaction along with CIB, Banque du Caire, the National Bank of Egypt, and Suez Canal Bank, EFG said.<\/p>\n

The issuance will help Misr Italia ensure that its units are delivered to customers on time<\/strong>, said CEO and Managing Director Mohamed Hany El Assal. The real estate developer signed an EGP 750 leaseback agreement<\/a> with EFG Hermes Corp Solutions in October to refinance its Garden 8 Mall in New Cairo.<\/p>\n

ADVISORS:<\/strong> EFG acted as the sole financial advisor, transaction manager, book-runner, underwriter, and arranger on the issuance.<\/p>\n

\n

MEANWHILE- Raya Holding could issue<\/strong> securitized bonds <\/strong>worth a total of EGP 2 bn this<\/strong> year<\/strong> for several of its subsidiaries, Hapi Journal quotes CFO Hossam Hussein as saying in yesterday\u2019s print edition. The company is currently in talks with several banks to manage the securitization process, Hussein said, declining to name them.<\/p>\n

Raya aims to go ahead with the first issuance during 1Q2021<\/strong>, Hussein said, without providing details on the size of the transaction. The company is in the process of setting up a new special purpose vehicle, Aman Securitization, specifically for bond issuances, for which it is currently finalizing procedures with the Financial Regulatory Authority, he said. The proceeds from the sale will be channeled into Raya\u2019s working capital, he added.<\/p>\n

Raya subsidiary Aman issued EGP 585 mn<\/strong> worth of securitized bonds <\/strong>in August last year<\/a>.<\/p>\n

\n

OTHER DEBT NEWS- <\/strong><\/p>\n

Banque Misr has obtained a USD 250 mn three-year loan led by a Gulf banking <\/strong>syndicate <\/strong>that includes Saudi National Bank, Abu Dhabi Commercial Bank, Emirates NBD and Qatar's Khaleeji Commercial Bank, Al Arabiya<\/a> reports, citing sources it says are familiar with the matter. The bank will use the funding for general financing purposes. Banque Misr last September obtained a separate USD 1 bn<\/a> three-year syndicated loan from international banks to refinance its debt and expand its lending portfolio.<\/p>\n

Advisors: <\/strong>Doha Bank and the National Bank of Egypt (UK) worked as managers for the transaction.<\/p>\n

Electro Cable Egypt<\/a><\/strong> has signed an EGP 450 mn financing agreement with Housing <\/strong>and Development Bank<\/strong> to help the company meet increased demand for electrical infrastructure from government projects and initiatives, including the Decent Life<\/a> initiative, the company announced in an EGX disclosure (pdf)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Misr Italia Properties has closed its first EGP 794 mn issuance as part of an EGP 2.5 bn securitization program, according to a statement (pdf) yesterday from EFG Hermes, which advised on the transaction. The bond is backed by a receivables portfolio of around EGP 1 bn by two of the real estate developer\u2019s subsidiaries, […]<\/p>\n","protected":false},"author":1,"featured_media":543834,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7274],"tags":[988,616,990,576,88,84,986,72,987,614,989,991,287],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543833","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-abu-dhabi-commercial-bank","tag-aman-financial-services","tag-attijari-bank","tag-banque-misr","tag-debt-watch","tag-efg-hermes","tag-electro-cable","tag-enterpriseam","tag-misr-italia-properties","tag-raya-holding","tag-saudi-national-bank","tag-sme-development-authority","tag-smes","wpautop","entry"],"acf":{"mongo_id":"efbbdfcf-0c4c-4fe1-85ed-1b68623ff028","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/2\/291.jpg","photo_position":"above","related_issue":[543829],"teaser":"","voice_url":""},"yoast_head":"\nMisr Italia issues EGP 794 mn securitized bond + Raya eyes EGP 2 bn securitization this year - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/21\/misr-italia-issues-egp-794-mn-securitized-bond-raya-eyes-egp-2-bn-securitization-this-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Misr Italia issues EGP 794 mn securitized bond + Raya eyes EGP 2 bn securitization this year\" \/>\n<meta property=\"og:description\" content=\"Misr Italia Properties has closed its first EGP 794 mn issuance as part of an EGP 2.5 bn securitization program, according to a statement (pdf) yesterday from EFG Hermes, which advised on the transaction. 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The details: The issuance is backed by a receivables portfolio from two of the real estate developer\u2019s subsidiaries. Its three tranches received ratings ranging from AA+ to\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/38.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544499,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/07\/misr-italia-eyes-egp-700-mn-securitized-bond-sale-in-4q-2022\/","url_meta":{"origin":543833,"position":1},"title":"Misr Italia eyes EGP 700 mn securitized bond sale in 4Q 2022","author":"enterpriseam admin","date":"7 March 2022","format":false,"excerpt":"Misr Italia Properties is looking to issue securitized bonds worth EGP 700 mn during 4Q2022, Al Shorouk quoted CEO and Managing Director Mohamed Hany El Assal as saying. The issuance would be the second tranche of the property developer\u2019s EGP 2.5 bn securitization program. The first EGP 794 mn tranche\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/78.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542519,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/02\/the-end-of-year-dash-to-the-securitization-finish-line\/","url_meta":{"origin":543833,"position":2},"title":"The end of year dash to the securitization finish line","author":"enterpriseam admin","date":"2 January 2022","format":false,"excerpt":"Companies raised a combined total of nearly EGP 1.75 bn in three securitizations last week as the securitized bond market saw a flurry of activity to close out the year.By our count, this brings the total number of securitized bond issuances that went to market last year to 19, with\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/5.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566897,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/27\/sodic-closes-egp-343-mn-securitized-bond-sale\/","url_meta":{"origin":543833,"position":3},"title":"Sodic closes EGP 343 mn securitized bond sale","author":"enterpriseam admin","date":"27 July 2021","format":false,"excerpt":"Upmarket developer SODIC has closed a EGP 343 mn securitized bond sale backed by a receivables portfolio of nearly EGP 384 mn that includes future installments from 753 delivered units in Eastown Residences and Caesar, the company said in a statement (pdf). The bonds were issued in two tranches with\u2026","rel":"","context":"In "SPEED ROUND: DEBT WATCH"","block_context":{"text":"SPEED ROUND: DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/469.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570420,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/31\/corporate-bond-issuers-want-to-extend-their-maturities\/","url_meta":{"origin":543833,"position":4},"title":"Corporate bond issuers want to extend their maturities","author":"enterpriseam admin","date":"31 March 2020","format":false,"excerpt":"DEBT WATCH- Corporate bond issuers want to extend their maturities: A number of players in the securitized bond market have held talks with the Financial Regulatory Authority over negotiating with bondholders to extend maturities for an additional six months after it granted a similar grace period for clients of mortgage\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":581654,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/19\/palm-hills-closes-egp-638-mn-securitization\/","url_meta":{"origin":543833,"position":5},"title":"Palm Hills closes EGP 638 mn securitization","author":"enterpriseam admin","date":"19 February 2023","format":false,"excerpt":"Palm Hills Developments (PHD) has closed an EGP 638 mn securitized bond issuance, according to a joint statement (pdf) from Palm Hills and EFG Hermes, the sole financial advisor on the sale. About the issuance: The issuance\u2019s three tranches have tenors of 13, 36, and 84 months and ratings ranging\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/house-row-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543833","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=543833"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543833\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/543829"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/543834"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=543833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=543833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=543833"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=543833"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=543833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}