{"id":544663,"date":"2022-03-15T04:00:36","date_gmt":"2022-03-15T04:00:36","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/15\/palm-hills-approves-egp-3-25-bn-sukuk-sale-ue-finance-closes-upper-egypts-first-ever-securitization\/"},"modified":"2022-03-15T04:00:36","modified_gmt":"2022-03-15T04:00:36","slug":"palm-hills-approves-egp-3-25-bn-sukuk-sale-ue-finance-closes-upper-egypts-first-ever-securitization","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/15\/palm-hills-approves-egp-3-25-bn-sukuk-sale-ue-finance-closes-upper-egypts-first-ever-securitization\/","title":{"rendered":"Palm Hills approves EGP 3.25 bn sukuk sale + UE Finance closes Upper Egypt\u2019s first-ever securitization"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Palm Hills Developments\u2019 general assembly approves EGP 3.25 bn sukuk <\/strong><strong>issuance:<\/strong> Shareholders voting at the company\u2019s ordinary general assembly approved the issuance of shariah-compliant bonds worth EGP 3.25 bn at a meeting on Sunday, after its board of directors <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/325dd244-d50f-4b80-9044-1eceaae2da41\">greenlit<\/a> the sale in February, according to a <a href=\"https:\/\/ent.news\/2022\/3\/Palm-Hills-General-Assembly-greenlights-sukuk-issuance.pdf\">disclosure to the bourse (pdf)<\/a>. The sukuk issuance, which will be managed by Contact Financial Holdings\u2019 (formerly Sarwa Capital) sukuk arm, will finance the developer\u2019s Badya project. The sale could go ahead by the end of March, Sarwa Promoting and Underwriting head Ayman Elsawy <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9f346eed-58c4-469c-b8dc-783ee82f33fc\">told us<\/a> in January, making it our first corporate sukuk issuance in 2022.<\/p>\n<hr class=\"grey-line\">\n<p><strong>UE Finance has closed a securitized bond issuance worth almost EGP 1.2 bn<\/strong>, according to a <a href=\"https:\/\/ent.news\/2022\/3\/Press-Release-UE-.pdf\">statement (pdf)<\/a> by legal advisor Dreny & Partners. The offering was backed by a portfolio of financial leasing contracts and is the first securitization transaction in Upper Egypt, the statement said.<\/p>\n<p><strong>Advisors:<\/strong> CIB acted as lead arranger and financial advisor, while CIB, Arab African International Bank, Ahli United Bank, the National Bank of Egypt, Banque du Caire, and Suez Canal Bank acted as joint underwriters of the issuance. Dreny & Partners were the legal advisors on the transaction.<\/p>\n<p><strong>OTHER DEBT NEWS-<\/strong> <strong><a href=\"https:\/\/bm-lease.com\/\">BM Lease<\/a><\/strong> is <a href=\"https:\/\/bit.ly\/3Icuk3z\">considering plans<\/a> to securitize at least EGP 1 bn of its portfolio during 4Q2022.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Palm Hills Developments\u2019 general assembly approves EGP 3.25 bn sukuk issuance: Shareholders voting at the company\u2019s ordinary general assembly approved the issuance of shariah-compliant bonds worth EGP 3.25 bn at a meeting on Sunday, after its board of directors greenlit the sale in February, according to a disclosure to the bourse (pdf). The sukuk issuance, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[1369,1322,88,72,354,85,280],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544663","post","type-post","status-publish","format-standard","hentry","category-debt-watch","tag-bm-lease","tag-contact-financial-holdings","tag-debt-watch","tag-enterpriseam","tag-palm-hills-developments","tag-securitization","tag-sukuk","wpautop","entry"],"acf":{"mongo_id":"54ba122d-af62-42f3-9bc2-8d6c22eb1298","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[544653],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Palm Hills approves EGP 3.25 bn sukuk sale + UE Finance closes Upper Egypt\u2019s first-ever securitization - 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\/03\/15\/palm-hills-approves-egp-3-25-bn-sukuk-sale-ue-finance-closes-upper-egypts-first-ever-securitization\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Palm Hills approves EGP 3.25 bn sukuk sale + UE Finance closes Upper Egypt\u2019s first-ever securitization\" \/>\n<meta property=\"og:description\" content=\"Palm Hills Developments\u2019 general assembly approves EGP 3.25 bn sukuk issuance: Shareholders voting at the company\u2019s ordinary general assembly approved the issuance of shariah-compliant bonds worth EGP 3.25 bn at a meeting on Sunday, after its board of directors greenlit the sale in February, according to a disclosure to the bourse (pdf). The sukuk issuance, [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/15\/palm-hills-approves-egp-3-25-bn-sukuk-sale-ue-finance-closes-upper-egypts-first-ever-securitization\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-15T04:00:36+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/15\/palm-hills-approves-egp-3-25-bn-sukuk-sale-ue-finance-closes-upper-egypts-first-ever-securitization\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/15\/palm-hills-approves-egp-3-25-bn-sukuk-sale-ue-finance-closes-upper-egypts-first-ever-securitization\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Palm Hills approves EGP 3.25 bn sukuk sale + UE Finance closes Upper Egypt\u2019s first-ever securitization\",\"datePublished\":\"2022-03-15T04:00:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/15\/palm-hills-approves-egp-3-25-bn-sukuk-sale-ue-finance-closes-upper-egypts-first-ever-securitization\/\"},\"wordCount\":228,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"BM Lease\",\"Contact Financial Holdings\",\"debt watch\",\"EnterpriseAM\",\"Palm Hills Developments\",\"securitization\",\"sukuk\"],\"articleSection\":[\"DEBT WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/15\/palm-hills-approves-egp-3-25-bn-sukuk-sale-ue-finance-closes-upper-egypts-first-ever-securitization\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/15\/palm-hills-approves-egp-3-25-bn-sukuk-sale-ue-finance-closes-upper-egypts-first-ever-securitization\/\",\"name\":\"Palm Hills approves EGP 3.25 bn sukuk sale + UE Finance closes Upper Egypt\u2019s first-ever securitization - 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The sale, which will be managed by Contact Financial Holdings\u2019 sukuk arm, will finance the real estate developer\u2019s Badya project.PHD\u2026","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/249.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549555,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/contact-financial-closes-egp-2-bn-sukuk-issuance\/","url_meta":{"origin":544663,"position":1},"title":"Contact Financial closes EGP 2 bn sukuk issuance","author":"enterpriseam admin","date":"21 September 2022","format":false,"excerpt":"Contact Financial Holding has closed an EGP 2 bn sukuk issuance, after getting the greenlight from the Financial Regulatory Authority (FRA) yesterday, Contact Financial Holding CEO Said Zater told Amwal El Ghad. The sharia-compliant mudaraba sukuk has a seven-year tenor and the proceeds will be used to finance car purchases\u2026","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/300.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544893,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/27\/we-made-our-samurai-bond-debut-phd-closes-its-egp-3-25-bn-sukuk-offering\/","url_meta":{"origin":544663,"position":2},"title":"We made our Samurai bond debut + PHD closes its EGP 3.25 bn sukuk offering","author":"enterpriseam admin","date":"27 March 2022","format":false,"excerpt":"Egypt successfully closed its maiden Samurai bond issuance, selling USD 500 mn (c.JPY 60 bn) of the JPY-denominated bonds in Japan today, the Finance Ministry said in a statement Thursday. The ministry took the issuance to market despite the spillover from the Russian invasion of Ukraine, and the sale makes\u2026","rel":"","context":"In &quot;DEBT WATCH&quot;","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\/357.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":544663,"position":3},"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 &quot;DEBT WATCH&quot;","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":576520,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/29\/sarwa-sukuk-sets-record-as-biggest-yet-first-for-an-nbfs-player\/","url_meta":{"origin":544663,"position":4},"title":"Sarwa sukuk sets record as biggest yet + first for an NBFS player","author":"enterpriseam admin","date":"29 November 2020","format":false,"excerpt":"Egypt now has a sukuk issuance by a non-banking financial services player under its belt after Sarwa Capital closed its EGP 2.5 bn issuance, according to an EGX disclosure (pdf) Thursday. The sharia-compliant security carries a seven-year tenor and will be used to finance the expansion of Sarwa subsidiary Contact\u2026","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/11\/290.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576484,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/25\/the-debt-market-is-really-heating-up-heading-into-2021\/","url_meta":{"origin":544663,"position":5},"title":"The debt market is really heating up heading into 2021","author":"enterpriseam admin","date":"25 November 2020","format":false,"excerpt":"DEBT WATCH- The debt market is really heating up heading into 2021: Two securitized bond offerings worth a combined EGP 4 bn are going to market before the end of the year, said Khalil El Bawab, the CEO of Banque Misr\u2019s investment arm Misr Capital, which is acting as lead\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/11\/273.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\/544663","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=544663"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544663\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/544653"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=544663"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=544663"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=544663"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=544663"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=544663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}