With ALC-Alieldean Weshahi & Partners acting as the transaction’s legal advisor, EFG Hermes, an investment bank in Frontier and Emerging Markets (FEM) operating under EFG Holding, and Palm Hills Developments (PHD), a premier real estate developer in Egypt, jointly closed an EGP 421 million securitized bond. This marks the second issuance within the recently sanctioned EGP 5 billion program.
The structured issuance comprises the following tranches:
Tranche A: Valued at EGP 50.52 million, with a 13-month tenor and a credit rating of AA+ from Middle East Ratings and Investors Service (MERIS)
Tranche B: Valued at EGP 155.77 million, featuring a 36-month tenor and a credit rating of AA from MERIS
Tranche C: Valued at EGP 214.71 million, with an 84-month tenor and a credit rating of A from MERIS
EFG Hermes acted as the sole financial advisor, bookrunner, and underwriter, while KPMG acted as the transaction’s auditor. Arab African International Bank (AAIB), Commercial International Bank (CIB), and Al Baraka Capital acted as the underwriting banks. Al Baraka Bank and Ahli United Bank were subscribers to the issuance. AAIB was also the transaction’s custodian.
ALC-Alieldean Weshahi & Partners team was under the supervision of Managing Partner Bahaa Alieldean (pictured), alongside Partner Mahmoud El Araby, Senior Associate Ahmed Shehab and Junior Associates Mohamed Gamal and Loay Khaled.