{"id":581654,"date":"2023-02-19T00:00:00","date_gmt":"2023-02-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/19\/palm-hills-closes-egp-638-mn-securitization\/"},"modified":"2023-02-19T00:00:00","modified_gmt":"2023-02-19T00:00:00","slug":"palm-hills-closes-egp-638-mn-securitization","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/19\/palm-hills-closes-egp-638-mn-securitization\/","title":{"rendered":"Palm Hills closes EGP 638 mn securitization"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Palm Hills Developments (PHD) has closed an EGP 638 mn securitized bond <\/span><span style=\"font-weight:700\">issuance<\/span><span style=\"\">, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/2\/PHD-Press-Release-16-Feb-2023-English.pdf\" style=\"\">a joint statement (pdf)<\/a><\/span><span style=\"\"> from Palm Hills and EFG Hermes, the sole financial advisor on the sale.<\/span><span style=\"font-weight:400;\"> <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">About the issuance: <\/span><span style=\"font-weight:400;\">The issuance\u2019s three tranches have tenors of 13, 36, and 84 months and ratings ranging from AA+ to A from the Middle East Rating & Investors Service (MERIS).  The issuance brings PHD\u2019s securitized gross receivables to a total of EGP 7.2 bn since its securitization program began in 2016, co-CEO and Managing Director Tarek Tantawy said in the statement.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Who bought in? <\/span><span style=\"font-weight:400;\">Al Baraka Bank was the only named subscriber to have bought into the issuance in the statement. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Advisors: Our friends at EFG Hermes ran the show<\/span><span style=\"\">, acting as sole financial advisor, lead arranger, bookrunner, and underwriter on the issuance. National Bank of Egypt and Banque du Caire acted as underwriting banks, with BdC also acting as the subscription bank. Banque Misr acted as transaction custodian. <\/span><span style=\"font-weight:700\">Our friends at ALC Alieldean Weshahi & Partners acted as legal advisors<\/span><span style=\"font-weight:400;\"> while KPMG acted as the auditor.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">More than <\/span><span style=\"font-weight:700\">EGP 6.8 bn worth of bonds<\/span><span style=\"font-weight:700\"> have been sold so far in 2023<\/span><span style=\"\">,<\/span><span style=\"\"> down from <\/span><span style=\"\">EGP 7.2 bn<\/span><span style=\"\"> in the same period last year<\/span><span style=\"\">, according to data tracked by Enterprise. Among other firms planning issuances for this quarter are <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/23\/valu-to-kick-off-fresh-egp-5-bn-securitization-program-this-quarter-94221\/\" style=\"\">EFG Hermes\u2019 ValU<\/a><\/span><span style=\"\"> and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/12\/us-based-softlight-acquires-local-cloud-computing-company-digitech-93424\/\" style=\"\">Contact Financial Holding<\/a><\/span><span style=\"font-weight:400;\">. Companies raised EGP 45.4 bn from securitized bond issuances in 2022, almost three times the EGP 15.8 bn sold the year prior.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Palm Hills Developments (PHD) has closed an EGP 638 mn securitized bond issuance, according to a joint statement (pdf) from Palm Hills and EFG Hermes, the sole financial advisor on the sale. About the issuance: The issuance\u2019s three tranches have tenors of 13, 36, and 84 months and ratings ranging from AA+ to A from [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":581655,"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":[88,84,72,354,83,85],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581654","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-efg-hermes","tag-enterpriseam","tag-palm-hills-developments","tag-real-estate","tag-securitization","wpautop","entry"],"acf":{"mongo_id":"71ea69a9-3880-49c8-9a89-cc3fdd32c4a3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/2\/house-row-1600px.jpg","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[581645],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/2\/.1dd712b7-e012-4df9-a1fc-4ed55263f052.mp3"},"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 638 mn 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\/2023\/02\/19\/palm-hills-closes-egp-638-mn-securitization\/\" \/>\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 638 mn securitization\" \/>\n<meta property=\"og:description\" content=\"Palm Hills Developments (PHD) has closed an EGP 638 mn securitized bond issuance, according to a joint statement (pdf) from Palm Hills and EFG Hermes, the sole financial advisor on the sale. 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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":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":581654,"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":562876,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/palm-hills-closes-egp-1-2-bn-securitized-bond-sale\/","url_meta":{"origin":581654,"position":2},"title":"Palm Hills closes EGP 1.2 bn securitized bond sale","author":"enterpriseam admin","date":"9 June 2021","format":false,"excerpt":"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\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":556265,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/palm-hills-board-signs-off-on-egp-1-bn-securitized-bond-issuance\/","url_meta":{"origin":581654,"position":3},"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":612562,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/25\/valu-phd-aur-leasing-close-securitization-bond-issuances\/","url_meta":{"origin":581654,"position":4},"title":"Valu, PHD, Aur Leasing close securitization bond issuances","author":"enterpriseam admin","date":"25 December 2023","format":false,"excerpt":"This brings the total value of securitized bonds issued in Egypt this year to EGP 86 bn","rel":"","context":"In \"Al Ahly Pharos\"","block_context":{"text":"Al Ahly Pharos","link":"https:\/\/enterpriseam.com\/egypt\/tag\/al-ahly-pharos\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1547.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":558233,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/02\/securitization-market-continues-to-heat-up\/","url_meta":{"origin":581654,"position":5},"title":"Securitization market continues to heat up","author":"enterpriseam admin","date":"2 August 2021","format":false,"excerpt":"Egypt\u2019s securitization market shows no sign of sliding into summer vacation. After a slow start to the year, upmarket developer SODIC, Palm Hills Development, Premium International and Arabia Investments Holding subsidiary Rawaj have all closed issuances of asset-backed securities this year.And the pipeline looks deep: SODIC, EFG Hermes, Contact Financial\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\/8\/47.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\/581654","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=581654"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/581654\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/581645"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/581655"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=581654"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=581654"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=581654"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=581654"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=581654"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}