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Tuesday, 25 August 2020

Palm Hills Development to issue EGP 1.5 bn of securitized bonds this year

Palm Hills Development to issue EGP 1.5 bn worth of securitized bonds this year: Palm Hills Developments (PHD) is planning on issuing EGP 1.5 bn of securitized bonds before 2020 closes out as the company looks to capitalize on low interest rates and reduce its debt exposure by settling outstanding loans, IR and Investments Associate Vice President Mamdouh Abdel Wahab told Al Mal yesterday. The company is looking to bring down its debt levels to EGP 1.5 bn by the end of the year, from the EGP 2.2 bn reported during 1Q2020. PHD has yet to disclose who will be tapped to handle the issuance, but the company last year appointed Sarwa Capital to lead an EGP 776 mn offering.

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