EFG Hermes closes EGP 421m Palm Hills Developments securitization issuance as part of EGP 5bn programme

EFG Hermes, the leading investment bank in Frontier and Emerging Markets (FEM) under EFG Holding and Palm Hills Developments (PHD), a leading real estate developer in Egypt jointly announced Monday the successful closing of an EGP 421m securitized bond, the second issuance in a newly approved EGP 5bn programme.

The issuance is structured in three tranches. Tranche A is valued at EGP 50.52m with a tenor of 13 months and a credit rating of AA+ from Middle East Ratings and Investors Service (MERIS).

Tranche B is valued at EGP 155.77m with a tenor of 36 months and a credit rating of AA from MERIS. Finally, Tranche C, which is valued at EGP 214.71m with a tenor of 84 months and a credit rating of A from MERIS.