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Monday, 18 October 2021

Palm Hills board signs off on EGP 1 bn securitized bond issuance

Palm Hills Developments (PHD) will issue EGP 1.1 bn in securitized bonds, after the property developer’s board signed off on the move at a meeting yesterday, according to a regulatory filing (pdf). Sarwa Securitization is managing the issuance for Palm Hills.

The bond issuance comes as part of several financing arrangements PHD is looking to finalize by the end of this year “in the form of on and off-balance sheet financing including the securitization of receivables, syndications with banks,” as well as the company’s first long-term sukuk issuance worth EGP 5.5 bn, Executive Chairman Yasseen Mansour said previously. The company reported annual growth of 41% to reach EGP 278.2 mn in 2Q2021, with revenues more than doubling due to new residential and commercial sales.

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