Cairo - Mubasher: EFG Hermes and Misr Italia Properties announced the successful conclusion of the latter’s second securitised bond issuance worth EGP 986 million, which comes as part of a wider EGP 2.50 billion securitisation programme.
The bond is backed by a receivables portfolio originated by two of Misr Italia Holding’s subsidiaries, and is comprised of three tranches, according to a press release.
Valued at EGP 197.20 million, tranche A has a tenor of 13 months while tranche B and tranche C are valued at EGP 428.91 million and EGP 359.89 million, respectively, with a tenor of 36 months and 61 months, respectively.
Maie Hamdy, Managing Director - Debt Capital Markets at EFG Hermes, commented: “Following the immense success of the first issuance, which garnered significant traction from investors, the second issuance comes as part of our strategy to bring innovative financing solutions to various key sectors that generate sustainable value for both our clients and investors alike.”
Mohamed Hany El Assal, CEO and Managing Director of Misr Italia Properties, added: “The first issuance completed with EFG Hermes has helped us in achieving our project development objectives in 2022, having constructed over 2,500 units and delivered units with a total value of EGP 3.10 billion.”
