{"id":590496,"date":"2023-07-19T00:00:00","date_gmt":"2023-07-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/19\/this-evening-efg-closes-phds-securitized-bond-issuance\/"},"modified":"2023-07-19T00:00:00","modified_gmt":"2023-07-19T00:00:00","slug":"this-evening-efg-closes-phds-securitized-bond-issuance","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/19\/this-evening-efg-closes-phds-securitized-bond-issuance\/","title":{"rendered":"THIS EVENING: EFG closes PHD\u2019s securitized bond issuance"},"content":{"rendered":"

Good afternoon dear readers, and happy new Islamic New Year (and the long weekend it has brought forth). <\/strong> We need not remind you all that Egypt is off starting tomorrow through to next Sunday for the Islamic New Year and Revolution. <\/p>\n

Sports to the rescue:<\/strong> For those not planning any trips this long weekend, there is an action-packed schedule of local and global sports events, including the local League Cup, club friendlies and the Fifa Women\u2019s World Cup. Those that can stay up late might want to catch Messi make his Inter Miami debut this Saturday. More on that in today\u2019s Enterprise Recommends, below. <\/p>\n

THE BIG STORY TODAY<\/strong> <\/p>\n

EFG Hermes closes EGP 472.5 mn securitized bond issuance for PHD:<\/strong> Real estate developer Palm Hills Development (PHD) has closed a EGP 472.5 mn securitized bond issuance, according to a joint press release (pdf)<\/a> from Palm Hills and EFG Hermes, which acted as sole financial advisor, bookrunner, and underwriter on the sale. The three-tranche issuance carries tenors of 13, 36, and 84 months, rated AA+ through A by Middle East Rating & Investors Service. This issuance brings PHD\u2019s total issued securitized bonds to EGP 1.1 bn in 2023. <\/p>\n

THE BIG STORY ABROAD-<\/strong> <\/p>\n

UK inflation dips below 8%: <\/strong> The UK\u2019s annual inflation slowed to its lowest pace last month since March 2022, with the consumer price index rising 7.9% in June, down from 8.7% in May, according to data from the UK Office of National Statistics<\/a>. On a monthly basis, inflation rose by 0.2% in June 2023, down from a rise of 0.7% in June 2022. The UK\u2019s statistics agency attributed the drop to falling fuel prices and food prices rising at a slower pace. This was a larger drop than expected, as economists polled by Reuters<\/a> had predicted inflation would rise by a steeper margin to 8.2% last month. <\/p>\n

What does this mean for BoE rates?<\/strong> The expectation remains that the Bank of England (BoE) will continue to raise interest rates when its Monetary Policy Committee meets next month, Paul Dales, economist at Capital Economics, tells the FT<\/a>. While inflation did fall below expectations, it remains among the highest in Europe and is well above the 2% target set by the BoE. Economists are predicting, however, that the central bank will raise rates by 25 bps instead of 50 bps priced by markets ahead of the inflation report. <\/p>\n

The story is getting coverage in the international press: <\/strong> Reuters<\/a> | Bloomberg<\/a> | Financial Times<\/a> <\/p>\n

** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM<\/strong>: <\/p>\n