MNHD closes Securitization transaction amounting to EGP 805.5m

Dreny & Partners has played a key role in the successful completion of Madinet Nasr for Housing & Development’s (MNHD) second securitized transaction, which amounted to EGP 805.5 million. This is part of a larger three-year multi-issuance program worth a total of EGP 3 billion.  

MNHD’s receivables portfolio backed the issuance, which consisted of three tranches with different ratings from the Middle East Ratings and Investors Service (MERIS). Tranche A was rated AA+, Tranche B was rated AA, and Tranche C was rated A.  

EFG Hermes served as the financial advisor, while National Bank of Egypt (NBE), Arab African Bank (AALB), and Commercial International Bank (CIB) acted as underwriters. CIB was also the bookrunner and custodian, and KPMG served as the auditor of the transaction. 

The transaction was led by partner, head of capital markets and financial services department Imane Raouf (pictured) and included managing associate Sherine EL Menyawy, junior associates Nada Kamal and Aya Khaled (All capital markets), working alongside associate Nagy Ebeid and junior associate Ahmed Ayman (both capital markets procedures).