{"id":566897,"date":"2021-07-27T13:56:51","date_gmt":"2021-07-27T13:56:51","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/27\/sodic-closes-egp-343-mn-securitized-bond-sale\/"},"modified":"2021-07-27T13:56:51","modified_gmt":"2021-07-27T13:56:51","slug":"sodic-closes-egp-343-mn-securitized-bond-sale","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/27\/sodic-closes-egp-343-mn-securitized-bond-sale\/","title":{"rendered":"Sodic closes EGP 343 mn securitized bond sale"},"content":{"rendered":"

<\/a> Upmarket developer SODIC has closed a EGP 343 mn securitized bond sale <\/strong>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)<\/a>. The bonds were issued in two tranches with tenors of 13 and 36 months and ratings of AA+ and A.<\/p>\n

Advisors: <\/strong>EFG Hermes acted as the financial advisor, arranger, manager, promoter, and co-underwriter for the transaction alongside CIB, the National Bank of Egypt, AAIB, and the Suez Canal Bank. White and Case was legal advisor, while KPMG was financial auditor and CIB had custodian duties.<\/p>\n

BACKGROUND- The securitization market has been lukewarm so far this year: <\/strong>Sodic, Palm Hills Development, Premium International and Arabia Investments Holding subsidiary Rawaj<\/a> are so far the only companies to close issuances of asset-backed securities this year.<\/p>\n

But the pipeline is deep:<\/strong> Everyone from Sodic<\/a>, Misr Italia<\/a> and Edge Holding<\/a> to EFG Hermes<\/a>, Contact Financial Holding (formerly Sarwa Capital)<\/a> and Raya<\/a> have announced plans to securitize parts of their portfolios.<\/p>\n

And the wider debt market is still thriving<\/strong>, as underscored most recently by last night\u2019s<\/a>announcement<\/a> that Contact had closed its second EGP 2.5 bn sukuk offering in less than a year.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 tenors of 13 and 36 […]<\/p>\n","protected":false},"author":1,"featured_media":566898,"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":[10044],"tags":[88,633,7087,83,85,312],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-566897","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-debt-watch","tag-debt-watch","tag-enterprisepm","tag-finance","tag-real-estate","tag-securitization","tag-sodic","wpautop","entry"],"acf":{"mongo_id":"b48e82ec-9602-4999-8ff3-517e4c520c2d","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/7\/469.jpg","photo_position":"above","related_issue":[566893],"teaser":"","voice_url":""},"yoast_head":"\nSodic closes EGP 343 mn 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\/07\/27\/sodic-closes-egp-343-mn-securitized-bond-sale\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sodic closes EGP 343 mn securitized bond sale\" \/>\n<meta property=\"og:description\" content=\"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 tenors of 13 and 36 […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/27\/sodic-closes-egp-343-mn-securitized-bond-sale\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-27T13:56:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/7\/469.jpg?fit=%2C&ssl=1\" \/>\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\/2021\/07\/27\/sodic-closes-egp-343-mn-securitized-bond-sale\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/27\/sodic-closes-egp-343-mn-securitized-bond-sale\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Sodic closes EGP 343 mn securitized bond sale\",\"datePublished\":\"2021-07-27T13:56:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/27\/sodic-closes-egp-343-mn-securitized-bond-sale\/\"},\"wordCount\":211,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/27\/sodic-closes-egp-343-mn-securitized-bond-sale\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/7\/469.jpg?fit=%2C&ssl=1\",\"keywords\":[\"debt watch\",\"EnterprisePM\",\"Finance\",\"real estate\",\"securitization\",\"SODIC\"],\"articleSection\":[\"SPEED ROUND: DEBT WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/27\/sodic-closes-egp-343-mn-securitized-bond-sale\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/27\/sodic-closes-egp-343-mn-securitized-bond-sale\/\",\"name\":\"Sodic closes EGP 343 mn securitized bond sale - 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The four-tranche issuance is backed by a EGP 613.5 mn receivables portfolio, with the tranches\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":564087,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/08\/corps-solutions-plans-egp-500-700-mn-securitized-bond-sale-in-4q2021\/","url_meta":{"origin":566897,"position":4},"title":"Corps-Solutions plans EGP 500-700 mn securitized bond sale in 4Q2021","author":"enterpriseam admin","date":"8 August 2021","format":false,"excerpt":"Corps-Solutions securitized bond sale could reach EGP 700 mn: EFG Hermes Corp-Solutions plans to raise EGP 500-700 mn from a securitized bond issuance in 4Q2021, CEO Talal Elayat told Hapi Journal. The non-banking financial services player is currently in negotiations with several banks to manage the issuance, he said, without\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\/8\/381.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565893,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/11\/sodic-mulls-securitized-bond-sale-as-aldar-continues-dd\/","url_meta":{"origin":566897,"position":5},"title":"Sodic mulls securitized bond sale as Aldar continues DD","author":"enterpriseam admin","date":"11 May 2021","format":false,"excerpt":"Sodic is reportedly planning to go to market with an offering of securitized bonds \u201cin the next few weeks,\u201d Al Mal reports, quoting sources it claims are in the know. The upmarket real estate developer is finalizing final regulatory approvals and has already sent a formal request to the Financial\u2026","rel":"","context":"In "SPEED ROUND: REAL ESTATE"","block_context":{"text":"SPEED ROUND: REAL ESTATE","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-real-estate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/566897","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=566897"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/566897\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/566893"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/566898"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=566897"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=566897"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=566897"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=566897"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=566897"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}