Palm Hills Development Co (PHDC), an Egyptian real estate developer, has completed the issuance of a 472.5 million Egyptian pounds ($15.3 million) securitization bond, led by EFG Holding Group, an investment bank. The bond was released in three tranches with varying credit ratings and durations, and EFG served as the sole financial advisor, promoter, and underwriter for the deal.
The National Bank of Egypt, the Arab African International Bank, and Al Baraka Capital for Financial Investments acted as underwriting guarantors, while Al Baraka Bank was among the subscribing banks. PHDC reported strong business results for the first quarter of 2023, achieving new sales of $220.7 million, driven by the growth of Badia City's sales, which rose by 54 percent year-on-year.