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Tuesday, 3 January 2023

Misr Italia closes second securitized bond issuance

Misr Italia Properties has closed its second EGP 986 mn securitized bond issuance, transaction advisor EFG Hermes said in a statement (pdf) yesterday.

The details: The issuance is backed by a receivables portfolio from two of the real estate developer’s subsidiaries. Its three tranches received ratings ranging from AA+ to A from Middle East Rating and Investors Service, according to the release.

This is the second issuance in an EGP 2.5 bn securitization program, which kicked off early last year with an EGP 794 mn bond sale. The money raised in the first issuance helped the company “achieve its project development objectives in 2022, having constructed over 2.5k units and delivered units with a total value of EGP 3.1 bn,” Misr Italia CEO Mohamed El Assal said.

2022 was a record-breaking year: The issuance takes the total value of bonds sold in 2022 to EGP 46.4 bn, up from EGP 15.8 bn in 2021, by our count.

Advisors: EFG Hermes acted as the sole financial advisor, bookrunner, and underwriter for the issuance. Al Ahly Pharos was the lead arranger, while CIB and the National Bank of Egypt were underwriters. Dreny and Partners was lead advisor and KPMG was the auditor.

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