{"id":576560,"date":"2020-11-30T04:14:11","date_gmt":"2020-11-30T04:14:11","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/30\/palm-hills-closes-egp-1-25-bn-securitized-bond-sale-more-corporate-sukuk-issuance-on-the-way\/"},"modified":"2020-11-30T04:14:11","modified_gmt":"2020-11-30T04:14:11","slug":"palm-hills-closes-egp-1-25-bn-securitized-bond-sale-more-corporate-sukuk-issuance-on-the-way","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/30\/palm-hills-closes-egp-1-25-bn-securitized-bond-sale-more-corporate-sukuk-issuance-on-the-way\/","title":{"rendered":"Palm Hills closes EGP 1.25 bn securitized bond sale + more corporate sukuk issuance on the way"},"content":{"rendered":"

<\/a> Palm Hills (PHD) has closed a triple-tranche EGP 1.25 <\/strong>bn securitized bond issuance<\/strong>, in a transaction handled by CI Capital Investment Banking (CIIB) and the Arab African Bank, Palm Hills (pdf)<\/a> and CI Capital (pdf)<\/a> said in EGX filings. The issuance, backed by a receivables portfolio worth EGP 1.5 bn, is the company\u2019s largest to date<\/a> and was issued in tranches carrying maturities of 13, 36, and 61 months that received AA+, AA, and A ratings, respectively, from ratings agency MERIS.<\/p>\n

Advisors:<\/strong> AAIB and CI Capital Investment Banking acted as the financial advisor, promoter and manager, while CIB and Al Ahli United Bank underwrote the issuance. ALC Alieldean Weshahi & Partners acted as counsel and Grant Thornton Mohamed Hilal as financial auditor.<\/p>\n

ALSO FROM THE DEBT MARKET- <\/strong>An unnamed financial services company is working on <\/strong>a EGP 500 mn <\/strong>mudaraba<\/a><\/strong> sukuk issuance<\/strong>, with an eye to hit the market in 1Q2021, Sayed Abdel Fadeel, head of the Financial Regulatory Authority\u2019s (FRA) corporate finance department told Hapi Journal<\/a>. The company plans to use the proceeds to fund its subsidiaries, and list up to 10% of the sukuk in a retail offering on the EGX. Abdel Fadeel gave no indication of who the issuer might be, noting only that it's a holding company.<\/p>\n

Also in the pipeline: <\/strong>A company in the agricultural sector could take EGP 250 mn-worth of sharia-compliant bonds to market in 1Q2021, Abdel Fadeel said. The sukuk, known as \u201cistizraa,\u201d fund agricultural projects. News of both potential issuances comes after Sarwa Capital closed its EGP 2.5 bn sukuk sale<\/a> last week. Sarwa\u2019s issuance was only the second corporate sukuk issuance in Egypt, following Talaat Moustafa\u2019s EGP 2 bn sale<\/a> in April.<\/p>\n

A total of EGP 10 bn-worth of sukuk will have hit the market by the end of 2021<\/strong>, Abdel Fadeel said. The FRA is working to stimulate the sukuk market, with plans to identify companies likely to need sukuk financing, drum up interest for sukuk, and reduce the cost of issuing the debt instrument, he added. Capital market regulations issued in 2018<\/a> opened the door for new financial instruments including futures, sukuk, and green bonds.<\/p>\n

Who\u2019s in the market for debt? Ora Developers<\/strong> expects to sign a EGP 1.5 bn loan agreement this month with a syndicate of banks led by Banque Misr<\/strong> to fund the company\u2019s ZED project in Sheikh Zayed, Hapi Journal<\/a> reports, quoting Ora Developers CEO Haitham Abdel Azeem. The real estate developer plans to spend EGP 3 bn on construction in 2021, said Abdel Azeem. Ora had already obtained an EGP 1 bn loan<\/a> for ZED through Banque Misr earlier this year.<\/p>\n

\u00a0<\/p>\n

CORRECTED ON 21 December 2020<\/p>\n

An estimated EGP 10 bn-worth of sukuks are expected to hit the market in 2021, not EGP 10-mn as previously written.<\/p>\n","protected":false},"excerpt":{"rendered":"

Palm Hills (PHD) has closed a triple-tranche EGP 1.25 bn securitized bond issuance, in a transaction handled by CI Capital Investment Banking (CIIB) and the Arab African Bank, Palm Hills (pdf) and CI Capital (pdf) said in EGX filings. The issuance, backed by a receivables portfolio worth EGP 1.5 bn, is the company\u2019s largest to […]<\/p>\n","protected":false},"author":1,"featured_media":576561,"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":[726,576,933,7106,88,571,72,76,2337,599,280,9395],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-576560","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-banque-du-caire","tag-banque-misr","tag-contact-financial","tag-debt","tag-debt-watch","tag-ebrd","tag-enterpriseam","tag-financial-regulatory-authority","tag-islamic-finance","tag-ora-developers","tag-sukuk","tag-zed","wpautop","entry"],"acf":{"mongo_id":"7781d265-be69-4137-85d1-85116a1c32d3","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/11\/310.jpg","photo_position":"above","related_issue":[576554],"teaser":"","voice_url":""},"yoast_head":"\nPalm Hills closes EGP 1.25 bn securitized bond sale + more corporate sukuk issuance on the way - 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\/2020\/11\/30\/palm-hills-closes-egp-1-25-bn-securitized-bond-sale-more-corporate-sukuk-issuance-on-the-way\/\" \/>\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 1.25 bn securitized bond sale + more corporate sukuk issuance on the way\" \/>\n<meta property=\"og:description\" content=\"Palm Hills (PHD) has closed a triple-tranche EGP 1.25 bn securitized bond issuance, in a transaction handled by CI Capital Investment Banking (CIIB) and the Arab African Bank, Palm Hills (pdf) and CI Capital (pdf) said in EGX filings. 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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\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":559807,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/04\/at-lease-takes-egp-1-bn-securitized-bond-to-market\/","url_meta":{"origin":576560,"position":2},"title":"AT Lease takes EGP 1 bn securitized bond to market","author":"enterpriseam admin","date":"4 February 2021","format":false,"excerpt":"AT Lease has issued its second securitized bond offering worth EGP 1.09 bn after receiving the greenlight from regulators to move forward with the issuance, the company said in an EGX disclosure (pdf) yesterday. The three-tranche issuance, initially slated for 3Q2020, has seen AT Lease offer an initial 13-month EGP\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\/2021\/2\/87.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":576560,"position":3},"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 "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\/2021\/12\/222.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544663,"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\/","url_meta":{"origin":576560,"position":4},"title":"Palm Hills approves EGP 3.25 bn sukuk sale + UE Finance closes Upper Egypt\u2019s first-ever securitization","author":"enterpriseam admin","date":"15 March 2022","format":false,"excerpt":"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\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":576066,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/09\/corplease-to-hold-record-breaking-egp-2-5-bn-securitized-bond-issuance\/","url_meta":{"origin":576560,"position":5},"title":"Corplease to hold record-breaking EGP 2.5 bn securitized bond issuance","author":"enterpriseam admin","date":"9 November 2020","format":false,"excerpt":"DEBT WATCH- Corplease is planning to issue EGP 2.5 bn of securitized bonds in an offering that will set a new record as the largest private sector issuance in Egypt, Al Mal reports, citing unnamed sources with knowledge of the matter. The story gave no timeline for the transaction, but\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/576560","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=576560"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/576560\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/576554"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/576561"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=576560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=576560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=576560"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=576560"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=576560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}