{"id":324636,"date":"2022-02-20T10:33:02","date_gmt":"2022-02-20T10:33:02","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=324636"},"modified":"2022-02-20T10:33:02","modified_gmt":"2022-02-20T10:33:02","slug":"efg-hermes-ends-advisory-on-misr-italia-properties-egp-794-million-securitization-issuance","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2022\/02\/20\/efg-hermes-ends-advisory-on-misr-italia-properties-egp-794-million-securitization-issuance\/","title":{"rendered":"EFG Hermes ends advisory on Misr Italia Properties\u2019 EGP 794 million Securitization Issuance"},"content":{"rendered":"

EFG Hermes\u2019 investment banking division, the leading investment banking franchise in Frontier Emerging Markets (FEM), announced the close of the first issuance, worth EGP 794 million, in Misr Italia Properties, one of Egypt\u2019s leading Egyptian real estate developer, EGP 2.5 billion securitization program.<\/span><\/p>\n

The bond is backed by a receivables portfolio of around EGP 1 billion originated by two Misr Italia Holding subsidiaries.<\/span><\/p>\n

The bond is comprised of three tranches, with the first divided into fixed installments and the second and third to be disbursed based on of the proceeds of the portfolio. Tranche A is valued at EGP 214.3 million, with a tenor of 13 months, a credit rating of AA+ from Middle East Ratings and Investors Service (MERIS), and a fixed coupon rate of 9.60%. Tranche B is valued at EGP 420.8 million, with a tenor of three years, a credit rating of AA from MERIS, and a fixed coupon rate of 9.95%. Finally, tranche C is valued at EGP 158.8 million, with a tenor of five years, a credit rating of A from MERIS, and a fixed coupon rate of 10.20%.\"\"<\/p>\n

Commenting on the issuance, Mostafa Gad, Co-Head of Investment Banking at EFG Hermes<\/strong> said: \u201cThe transaction was met with widespread interest from investors, capitalizing on our strength in the DCM space to continue generating value for our partners and clients through flexible, alternative financial solutions. It is also part and parcel of our commitment to capitalize on the synergies inherent in our business model, with Misr Italia Properties having signed in October a sale and leaseback agreement worth EGP 750 million with EFG Hermes Corp-Solutions and a home improvement financing arrangement for its clients through the Firm\u2019s Buy-Now Pay-Later (BNPL) lifestyle enabling fintech platform, valU, in November.\u201d<\/p>\n

Mohamed Hany El Assal<\/strong>, CEO and Managing Director of Misr Italia Properties, <\/strong>commented on the partnership saying, \u201cwe pride ourselves on being the first non-listed real estate developer to issue securitized bonds through EFG Hermes. We are honored to have a long-term partnership with EFG Hermes Holding, which is vital to the growth of the company\u2019s portfolio according to our ambitious expansion plans. This issuance will reflect positively on the financial statements of the company and will contribute to our commitment toward our clients for the timely delivery of units.\u201d<\/p>\n

 <\/p>\n

\u201cThe company went through a rigorous operational review process by Moody\u2019s subsidiary, MERIS, and received a very strong credit rating that we are proud of. This is the result of a very solid corporate governance and the hard work of a top-notch executive and management teams.\u201d According to Mohamed Khaled El Assal, CEO and Managing Director of Misr Italia Properties<\/strong>.<\/p>\n

EFG Hermes acted as the sole financial advisor, transaction manager, book-runner, underwriter, and arranger on the issuance. Arab Investment Bank (aiBANK) participated in this transaction alongside the Commercial International Bank (CIB), Banque du Caire (BDC), National Bank of Egypt (NBE), and Suez Bank.<\/p>\n","protected":false},"excerpt":{"rendered":"

EFG Hermes\u2019 investment banking division, the leading investment banking franchise in Frontier Emerging Markets (FEM), announced the close of the first issuance, worth EGP 794 million, in Misr Italia Properties, one of Egypt\u2019s leading Egyptian real estate developer, EGP 2.5 billion securitization program.<\/p>\n","protected":false},"author":4,"featured_media":320827,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22,33],"tags":[],"class_list":["post-324636","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-main"],"yoast_head":"\nEFG Hermes ends advisory on Misr Italia Properties\u2019 EGP 794 million Securitization Issuance - egy-africa<\/title>\n<meta name=\"description\" content=\"EFG Hermes\u2019 investment banking division, the leading investment banking franchise in Frontier Emerging Markets (FEM), announced the close of the first issuance, worth EGP 794 million, in Misr Italia Properties, one of Egypt\u2019s leading Egyptian real estate developer, EGP 2.5 billion securitization program.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/egy-africa.com\/en\/2022\/02\/20\/efg-hermes-ends-advisory-on-misr-italia-properties-egp-794-million-securitization-issuance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EFG Hermes ends advisory on Misr Italia Properties\u2019 EGP 794 million Securitization Issuance - 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