Talaat Moustafa Group (TMG) has sold EGP 1.17 bn worth of securitized bonds in an issuance managed by Al Ahly Pharos, according to a statement (pdf) last week. The three-tranche issuance was backed by a EGP 1.73 bn portfolio of receivables from real estate units transferred from the Arab Company for Projects and Urban Development, a TMG subsidiary. This is the first bond issuance to be backed by a portfolio of units located in the New Administrative Capital, Al Ahly Pharos CEO Ahmed Heidar said.

There’s more in the pipeline: Al Ahly Pharos is currently working to issue bond and sukuk issuances worth more than EGP 15 bn in total by the beginning of next year, Managing Director Amir Sherif said in the statement. The firm has already concluded three issuances worth more than EGP 3.5 bn since the beginning of the year, he added.

Who bought in? Twenty investors subscribed to the offering, Sherif said, without disclosing their names. The National Bank of Egypt (NBE), the Arab African International Bank, EFG Hermes Asset Management and Azimut Egypt were among the investors, according to Hapi Journal.

Advisors: Al Ahly Pharos, the brokerage arm of NBE, acted as primary lead manager, arranger, promoter, underwriter and financial advisor, while NBE and Arab African Bank are co-guarantors of the issuance. Ernst & Young acted as auditor while Dreny and Partners provided legal counsel. Meris provided the credit rating.