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.