ALC: Palm Hills Developments closes EGP 638 mn securitization 

Palm Hills Developments a real estate developer in Egypt and EFG Hermes, an investment bank franchise in Frontier and Emerging Markets (FEM), jointly successfully closed an EGP 638 million (approx. USD 20.9 million) securitized bond.  

The issuance’s 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). 

ALC- Alieldean Weshahi & Partners acted as the legal advisor for Palm Hills Developments on the transaction. The advisory team was led by ALC’s managing partner Bahaa Alieldean (pictured) and further included partner Mahmoud El Araby, associate Mahmoud Elgazzar and junior associate Mohamed Gamal. It is worth mentioning that this is the 8th securitization issuance for Palm Hills that ALC has advised on.

EFG Hermes acted as sole financial advisor, lead arranger, bookrunner, and underwriter on the issuance. National Bank of Egypt (NBE), and Banque du Caire (BdC), acted as underwriting banks, with BdC also acting as subscription bank. Banque Misr acted as transaction custodian and Al Baraka Bank was one of the subscribers while KPMG acted as the auditor.