Back to the complete issue
Sunday, 5 December 2021

Securitized bond market is still red-hot

Palm Hills Development closed on Thursday a four-tranche EGP 1 bn securitized bond issuance, marking the company’s seventh securitized bond since 2016, PHD said in a statement (pdf). The issuance was backed by a EGP 1.05 bn receivables portfolio. The tranches were rated AA+, AA, A+, and A-.

Advisors: Sarwa Promotion and Underwriting was lead manager and arranger on the offering, which was underwritten and co-arranged by the National Bank of Egypt, Banque Misr, Misr Capital, CIB and Ahli United Bank. Our friends at ALC Alieldean Weshahi acted as advisor.

Reminder: We still have some EGP 8 bn-worth of securitized bonds hitting the market this month: GB Lease, Corplease and GlobalCorp are issuing a combined EGP 7.9 bn in securitized bonds by mid-December, Al Mal reported, citing unnamed sources. GB Lease will make two bond issuances of EGP 2.6 bn and EGP 1.6 bn to market by mid-December, with CIB acting as primary lead manager for the issuance, the sources said. CI Capital’s Corplease is expected to issue a EGP 2.7 bn issuance by mid-month, led by Misr Capital. GlobalCorp is also on track to issue the first EGP 1.1 bn tranche of a EGP 3-3.5 bn securitized bond issuance by mid-month, according to Al Mal.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2021 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; and Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Abu Auf (tax ID: 584-628-846), the leading health foodmaker in Egypt and the region.