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Thursday, 16 February 2023

THIS EVENING: Palm Hills closes EGP 638 mn securitized bond issuance +

Happy THURSDAY, wonderful people. It’s a relatively calm end to the week — we hope that carries through the weekend for all of you.

THE BIG STORY TODAY

Palm Hills Developments has closed a EGP 638 mn securitized bond issuance, according to a joint statement (pdf) from Palm Hills and EFG Hermes, which acted as sole financial advisor, lead arranger, bookrunner, and underwriter on the sale. The three-tranche issuance carries tenors of 13, 36, and 84 months, rated AA+ through A by Middle East Rating & Investors Service.

THE BIG STORY ABROAD

It’s one of those Thursday afternoons where there isn’t a unifying story leading the conversation in the international business press. Among the front page stories:

  • Banks are breaking up with crypto during regulatory crackdown (WSJ)
  • China sanctions Lockheed Martin, Raytheon over Taiwan arms sales (Reuters)
  • Standard Chartered “absolutely not” for sale, bank CEO says (CNBC)
  • Ukraine war pushes US to review arms stockpile (Financial Times)

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • Is our first ever sovereign sukuk issuance coming next week? The issuance could be worth up to USD 1.5 bn and the government could begin roadshows for the sale this week, according to a Bloomberg report,
  • Gulf investors are eyeing a piece of Sidpec-Ethydco: The unidentified investors are reportedly looking to acquire between 16-20% of the planned merger between EGX-listed Sidi Kerir Petrochemicals (Sidpec) and Egyptian Ethylene and Derivatives Company (Ethydco).
  • El Gouna is about to get a lot bigger: Orascom Development Egypt has inked an agreement with Egyptian authorities to expand El Gouna. The company will develop its remaining 17.4 mn sqm land bank, adding 1.2 mn sqm of connected lagoons and 1k hotel rooms every 10 years.

???? CIRCLE YOUR CALENDAR-

Cairo Photo Week is still running through this Saturday, 18 February.

Want to become a private equity expert in three days? The Egyptian Private Equity Association (EPEA) and the African Private Equity and Venture Capital Association (AVCA) are hosting a three-day intensive private capital funds masterclass at the Ernst & Young office at Cairo Festival City. The masterclass kicks off next Friday 24 February.

Interested? You can attend the masterclass for EGP 18k or EGP 12k for EPEA and AVCA members. Register to attend here and take a look at the agenda here (pdf).

Find our regular business calendar, which includes a comprehensive listing of upcoming news events and news triggers, in EnterpriseAM and on the web.

☀️ TOMORROW’S WEATHER- Make outdoor plans this weekend: We’re in for a wonderfully sunny couple of days, with the mercury hitting a daytime high of 19°C tomorrow and 20°C on Saturday, before dipping to 8°C tomorrow evening and 9°C on Saturday evening.

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. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; 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; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.