{"id":578520,"date":"2023-01-03T03:41:32","date_gmt":"2023-01-03T03:41:32","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/03\/misr-italia-closes-second-securitized-bond-issuance\/"},"modified":"2023-01-03T03:41:32","modified_gmt":"2023-01-03T03:41:32","slug":"misr-italia-closes-second-securitized-bond-issuance","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/03\/misr-italia-closes-second-securitized-bond-issuance\/","title":{"rendered":"Misr Italia closes second securitized bond issuance"},"content":{"rendered":"<p><a id=\"tldr-story-03\" class=\"content-anchor\"><\/a> <strong>Misr Italia Properties has closed its second EGP 986 mn securitized <\/strong><strong>bond <\/strong><strong>issu<\/strong><strong>ance<\/strong>, transaction advisor EFG Hermes said in a <a href=\"https:\/\/ent.news\/2023\/1\/EFG-Hermes-Misr-Italia-Securitization-Second-Issuance-English.pdf\">statement (pdf)<\/a> yesterday.<\/p>\n<p><strong>The details: <\/strong>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 A from Middle East Rating and Investors Service, according to the release.<\/p>\n<p><strong>This is the second issuance in an EGP 2.5 bn securitization program<\/strong>, which kicked off early last year with an <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/efbbdfcf-0c4c-4fe1-85ed-1b68623ff028\">EGP 794 mn bond sale<\/a>. The money raised in the first issuance helped the company \u201cachieve its project development objectives in 2022, having constructed over 2.5k units and delivered units with a total value of EGP 3.1 bn,\u201d Misr Italia CEO Mohamed El Assal said.<\/p>\n<p><strong>2022 was a <\/strong><strong>record-breaking year:<\/strong> The issuance takes the total value of bonds sold in 2022 to EGP 46.4 bn, up from EGP 15.8 bn in 2021, by our count.<\/p>\n<p><strong>Advisors: <\/strong>EFG Hermes acted as the sole financial advisor, bookrunner, and underwriter for the issuance. Al Ahly Pharos was the lead arranger, while CIB and the National Bank of Egypt were underwriters. Dreny and Partners was lead advisor and KPMG was the auditor.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Misr Italia Properties has closed its second EGP 986 mn securitized bond issuance, transaction advisor EFG Hermes said in a statement (pdf) yesterday. 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 A from Middle East Rating [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":578521,"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":[88,84,72,987,83,85],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-578520","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-efg-hermes","tag-enterpriseam","tag-misr-italia-properties","tag-real-estate","tag-securitization","wpautop","entry"],"acf":{"mongo_id":"ef23cfc6-d825-491b-8070-493beea18557","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/1\/38.jpg","photo_position":"above","related_issue":[578511],"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>Misr Italia closes second securitized bond issuance - 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\/2023\/01\/03\/misr-italia-closes-second-securitized-bond-issuance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Misr Italia closes second securitized bond issuance\" \/>\n<meta property=\"og:description\" content=\"Misr Italia Properties has closed its second EGP 986 mn securitized bond issuance, transaction advisor EFG Hermes said in a statement (pdf) yesterday. 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 A from Middle East Rating [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/03\/misr-italia-closes-second-securitized-bond-issuance\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-03T03:41:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/38.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\/2023\/01\/03\/misr-italia-closes-second-securitized-bond-issuance\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/03\/misr-italia-closes-second-securitized-bond-issuance\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Misr Italia closes second securitized bond issuance\",\"datePublished\":\"2023-01-03T03:41:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/03\/misr-italia-closes-second-securitized-bond-issuance\/\"},\"wordCount\":199,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/03\/misr-italia-closes-second-securitized-bond-issuance\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/38.jpg?fit=%2C&ssl=1\",\"keywords\":[\"debt watch\",\"EFG Hermes\",\"EnterpriseAM\",\"Misr Italia Properties\",\"real estate\",\"securitization\"],\"articleSection\":[\"DEBT WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/03\/misr-italia-closes-second-securitized-bond-issuance\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/03\/misr-italia-closes-second-securitized-bond-issuance\/\",\"name\":\"Misr Italia closes second securitized bond issuance - 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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":543833,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/21\/misr-italia-issues-egp-794-mn-securitized-bond-raya-eyes-egp-2-bn-securitization-this-year\/","url_meta":{"origin":578520,"position":1},"title":"Misr Italia issues EGP 794 mn securitized bond + Raya eyes EGP 2 bn securitization this year","author":"enterpriseam admin","date":"21 February 2022","format":false,"excerpt":"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\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\/291.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":578520,"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 &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\/1\/5.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548068,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/25\/pioneers-properties-closes-egp-425-mn-securitized-bond-issuance\/","url_meta":{"origin":578520,"position":3},"title":"Pioneers Properties closes EGP 425 mn securitized bond issuance","author":"enterpriseam admin","date":"25 July 2022","format":false,"excerpt":"Pioneers Properties for Urban Development has closed a EGP 425 mn securitized bond issuance, the second in a wider EGP 3 bn program, according to a press release (pdf) from its financial advisor, EFG Hermes. The four-tranche issuance is backed by a EGP 613.5 mn receivables portfolio, with the tranches\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":557343,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/suez-canal-bank-and-aaib-submit-offers-for-90-of-valus-maiden-securitized-bond-issuance\/","url_meta":{"origin":578520,"position":4},"title":"Suez Canal Bank and AAIB submit offers for 90% of Valu\u2019s maiden securitized bond issuance","author":"enterpriseam admin","date":"15 September 2021","format":false,"excerpt":"Two banks want almost all of Valu\u2019s securitized bond issuance: The Suez Canal Bank and the Arab African International Bank (AAIB) are looking to snap up almost 90% of the EGP 323mn maiden securitized bond issuance by EFG Hermes\u2019 consumer finance arm Valu, Suez Canal Bank Chairman Hussein Rifai told\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\/9\/206.jpg?fit=%2C&ssl=1&resize=350%2C200","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":578520,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/578520","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=578520"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/578520\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/578511"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/578521"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=578520"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=578520"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=578520"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=578520"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=578520"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}