{"id":562876,"date":"2021-06-09T04:00:10","date_gmt":"2021-06-09T04:00:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/palm-hills-closes-egp-1-2-bn-securitized-bond-sale\/"},"modified":"2021-06-09T04:00:10","modified_gmt":"2021-06-09T04:00:10","slug":"palm-hills-closes-egp-1-2-bn-securitized-bond-sale","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/palm-hills-closes-egp-1-2-bn-securitized-bond-sale\/","title":{"rendered":"Palm Hills closes EGP 1.2 bn securitized bond sale"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>Palm Hills Development closed a fresh securitized bond issuance backed by a <\/strong><strong>receivables portfolio of nearly EGP 1.2 bn<\/strong>, according to a <a href=\"https:\/\/ent.news\/2021\/6\/PHD-press-release-ENG-08-06-2021.pdf\">press release (pdf)<\/a><sup><\/sup>. The bonds were issued in four tranches with ratings of AA+, AA, A, and A-.<\/p>\n<p><strong>The size of the sale is close to PHD\u2019s record EGP 1.25 bn issuance <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7781d265-be69-4137-85d1-85116a1c32d3\">that went to market last year<\/a><\/strong><strong>.<\/strong> It includes the EGP 800 mn in securitized bonds approved for sale by PHD\u2019s board of directors <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8cc80f08-b424-47b4-be0a-d90f7f39d032\">in April<\/a>, as well as other bonds backed by the receivables of several other non-listed subsidiaries, IR manager Radwa Abu El Naga told us.<\/p>\n<p><strong>The securitization market <\/strong><strong>has been lukewarm so far this year:<\/strong> PHD joins <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/374240b5-0e79-486e-b585-3dd5251b2555\">Rawaj<\/a> \u2014 Arabia Investments Holding\u2019s consumer finance subsidiary \u2014 as one of only two companies to close an issuance of asset-backed securities this year.<\/p>\n<p><strong>But the pipeline is deep:<\/strong> Everyone from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/09c7d28b-c599-4f89-ac9c-3c606c96d9f6\">Sodic<\/a>, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ff17e27e-75fd-4665-a33c-f1f9a6b19a7b\">Misr Italia<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d0c71713-2393-4c73-96e7-3a4499828886\">Edge Holding<\/a> to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b380be47-dace-4f2a-807e-cc3ab3d6ed0d\">EFG Hermes<\/a>, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9ad60923-67ef-4344-b643-49069b7ad286\">Sarwa Capital<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7863b21d-bcba-40a1-befa-b3e65d93f131\">Raya<\/a> have announced plans to securitize parts of their portfolios, but all of them are yet to see the light of day.<\/p>\n<p><strong>ADVISORS- <\/strong>Contact Financial\u2019s debt markets arm <strong>Sarwa Capital<\/strong><sup><\/sup> acted as financial advisor, lead manager, and arranger on the PHD transaction. Our friends at <strong><a href=\"http:\/\/www.alc.law\/\">ALC Alieldean, Weshahi & Partners<\/a><\/strong> were counsel for the issuance, while <strong>Misr Capital Securities Brokerage<\/strong> \u201cplayed for the first time the role of a trading intermediary in the secondary market with the aim of facilitating the entry of individual investors to invest in securitization bond.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Palm Hills Development closed a fresh securitized bond issuance backed by a receivables portfolio of nearly EGP 1.2 bn, according to a press release (pdf). The bonds were issued in four tranches with ratings of AA+, AA, A, and A-. The size of the sale is close to PHD\u2019s record EGP 1.25 bn issuance that [&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":[88,72,354,85],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-562876","post","type-post","status-publish","format-standard","hentry","category-debt-watch","tag-debt-watch","tag-enterpriseam","tag-palm-hills-developments","tag-securitization","wpautop","entry"],"acf":{"mongo_id":"d088db4a-d120-44ba-9c12-818517d3ad1f","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[562858],"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 closes EGP 1.2 bn securitized bond sale - 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\/2021\/06\/09\/palm-hills-closes-egp-1-2-bn-securitized-bond-sale\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Palm Hills closes EGP 1.2 bn securitized bond sale\" \/>\n<meta property=\"og:description\" content=\"Palm Hills Development closed a fresh securitized bond issuance backed by a receivables portfolio of nearly EGP 1.2 bn, according to a press release (pdf). The bonds were issued in four tranches with ratings of AA+, AA, A, and A-. 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About the issuance: The issuance\u2019s three tranches have tenors of 13, 36, and 84 months and ratings ranging\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\/2023\/2\/house-row-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565757,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/28\/palm-hills-taps-market-for-second-securitized-offering-in-less-than-six-months\/","url_meta":{"origin":562876,"position":1},"title":"Palm Hills taps market for second securitized offering in less than six months","author":"enterpriseam admin","date":"28 April 2021","format":false,"excerpt":"Palm Hills Developments has approved a EGP 800 mn securitized bond issuance backed by its receivables, the company said in a regulatory filing (pdf) today. Sarwa Capital has been appointed to manage the issuance. The company was said earlier this year to be looking at an issuance after successfully closing\u2026","rel":"","context":"In &quot;SPEED ROUND: DEBT WATCH&quot;","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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":556265,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/palm-hills-board-signs-off-on-egp-1-bn-securitized-bond-issuance\/","url_meta":{"origin":562876,"position":2},"title":"Palm Hills board signs off on EGP 1 bn securitized bond issuance","author":"enterpriseam admin","date":"18 October 2021","format":false,"excerpt":"Palm Hills Developments (PHD) will issue EGP 1.1 bn in securitized bonds, after the property developer\u2019s board signed off on the move at a meeting yesterday, according to a regulatory filing (pdf). Sarwa Securitization is managing the issuance for Palm Hills.The bond issuance comes as part of several financing arrangements\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":590568,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/24\/palm-hills-closes-egp-472-5-mn-securitized-bond-issuance\/","url_meta":{"origin":562876,"position":3},"title":"Palm Hills closes EGP 472.5 mn securitized bond issuance","author":"enterpriseam admin","date":"24 July 2023","format":false,"excerpt":"PHD closes second securitization transaction of 2023: Our friends at real estate developer Palm Hills Developments (PHD) has closed a EGP 472.5 mn securitized bond issuance, according to a joint statement (pdf) from PHD and EFG Hermes, which managed the transaction. EGP 1+ bn and counting: PHD has now securitized\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\/2023\/7\/857.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559245,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/14\/palm-hills-tapping-al-taamir-for-securitization\/","url_meta":{"origin":562876,"position":4},"title":"Palm Hills tapping Al Taamir for securitization?","author":"enterpriseam admin","date":"14 January 2021","format":false,"excerpt":"Al Taamir is in talks to manage Palm Hills Developments\u2019 (PHD) planned EGP 650 mn securitized bond issuance, which is expected to go to market this quarter, Al Taamir Chairman Mazen Hassan tells Al Mal. Al Taamir \u2014 a special purpose vehicle set up by the New Urban Communities Authority\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\/2021\/1\/167.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":553452,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/05\/securitized-bond-market-is-still-red-hot\/","url_meta":{"origin":562876,"position":5},"title":"Securitized bond market is still red-hot","author":"enterpriseam admin","date":"5 December 2021","format":false,"excerpt":"Palm Hills Development closed on Thursday a four-tranche EGP 1 bn securitized bond issuance, marking the company\u2019s seventh securitized bond since 2016, PHD said in a statement (pdf). The issuance was backed by a EGP 1.05 bn receivables portfolio. The tranches were rated AA+, AA, A+, and A-.Advisors: Sarwa Promotion\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\/2021\/12\/222.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\/562876","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=562876"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/562876\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/562858"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=562876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=562876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=562876"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=562876"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=562876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}