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Wednesday, 28 April 2021

Palm Hills taps market for second securitized offering in less than six months

Palm Hills Developments has approved a EGP 800 mn securitized bond issuance backed by its receivables, the company said in a regulatory filing (pdf) today. Sarwa Capital has been appointed to manage the issuance. The company was said earlier this year to be looking at an issuance after successfully closing in late 2020 a triple-tranche EGP 1.25 bn issuance — its largest to date.

It’s a busy market: Palm Hills becomes the latest to announce a securitization transaction since Raya subsidiary Aman announced plans to take EGP 600 mn in securitized bonds to market in 2Q2021. EFG Hermes Corp-Solutions is also looking to ramp up its securitization portfolio in 2021, after its total portfolio grew 55% last year, CEO Talal Elayat told us. Meanwhile, Edge Holding is eyeing the securitization of a EGP 1 bn receivables portfolio next year.

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