By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Public Enterprise Minister discusses cooperation with Aluminium Bahrain
    Public Enterprise Minister discusses cooperation with Aluminium Bahrain
    May 28, 2023
    First Abu Dhabi Bank Egypt launches ‘Access’ portal for electronic payments
    First Abu Dhabi Bank Egypt launches ‘Access’ portal for electronic payments
    May 28, 2023
    Sorouh partners with RICON Construction to establish new projects with EGP 30bn investments
    Sorouh partners with RICON Construction to establish new projects with EGP 30bn investments
    May 28, 2023
    Egyptian property sales increase 7% in April: Aqarmap
    Egyptian property sales increase 7% in April: Aqarmap
    May 28, 2023
    Africa needs 10 million housing units annually to meet increasing demand:AFCCA
    Africa needs 10 million housing units annually to meet increasing demand:AFCCA
    May 28, 2023
  • Politics
    PoliticsShow More
    Irrigation Minister reviews preparations for upcoming Cairo Water Week
    Irrigation Minister reviews preparations for upcoming Cairo Water Week
    May 28, 2023
    Al-Sisi affirms Egypt's keenness on security, stability of Iraq
    Al-Sisi affirms Egypt’s keenness on security, stability of Iraq
    May 28, 2023
    Biden, Republican House Speaker reach ‘preliminary agreement’ on debt ceiling
    Biden, Republican House Speaker reach ‘preliminary agreement’ on debt ceiling
    May 28, 2023
    Erdoğan wins third presidential term in Turkey after tough run-off
    Erdoğan wins third presidential term in Turkey after tough run-off
    May 28, 2023
    Map of alliances affects second round of Turkish presidential election
    Map of alliances affects second round of Turkish presidential election
    May 28, 2023
  • Interviews
    InterviewsShow More
    I changed my artistic path to create ‘state of wonder’: Tarek Lotfi
    I changed my artistic path to create ‘state of wonder’: Tarek Lotfi
    May 25, 2023
    I adore Ramadan drama, ‘Telt Al-Talata’ series achieved great success: Ghada Abdel Razek
    I adore Ramadan drama, ‘Telt Al-Talata’ series achieved great success: Ghada Abdel Razek
    May 8, 2023
    We aim to establish Egypt as nearshore centre for Software AG for MET region: Rami Kichli
    We aim to establish Egypt as nearshore centre for Software AG for MET region: Rami Kichli
    April 29, 2023
    Egypt-Spain relations witness remarkable development in recent years: Spanish ambassador in Cairo
    Egypt-Spain relations witness remarkable development in recent years: Spanish ambassador in Cairo
    April 18, 2023
    "Al-Asly" series saw my first leading role in TV drama: Reham Abdel Ghafour
    “Al-Asly” series saw my first leading role in TV drama: Reham Abdel Ghafour
    April 16, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: First securitisation bonds issuance for MNHD worth EGP 300m completed: EFG Hermes
Share
Notification
Latest News
Public Enterprise Minister discusses cooperation with Aluminium Bahrain
Public Enterprise Minister discusses cooperation with Aluminium Bahrain
Business
Irrigation Minister reviews preparations for upcoming Cairo Water Week
Irrigation Minister reviews preparations for upcoming Cairo Water Week
Politics Egypt
Al-Sisi affirms Egypt's keenness on security, stability of Iraq
Al-Sisi affirms Egypt’s keenness on security, stability of Iraq
Politics Egypt Region
Biden, Republican House Speaker reach ‘preliminary agreement’ on debt ceiling
Biden, Republican House Speaker reach ‘preliminary agreement’ on debt ceiling
Politics World
Erdoğan wins third presidential term in Turkey after tough run-off
Erdoğan wins third presidential term in Turkey after tough run-off
World Politics
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > First securitisation bonds issuance for MNHD worth EGP 300m completed: EFG Hermes
Business

First securitisation bonds issuance for MNHD worth EGP 300m completed: EFG Hermes

Alyaa Stohy
Last updated: 2022/01/12 at 2:28 AM
By Alyaa Stohy 3 Min Read
Share
Maged Al-Ayouti
SHARE

EFG Hermes has announced that its Promotion and Underwriting Sector succeeded in completing the first issuance of securitisation bonds for Madinet Nasr Housing and Development (MNHD) with a value of EGP 300m as part of a 3-year bond issuance programme worth EGP 3bn.

Hermes added that the securitisation bonds are secured by a receivable portfolio of EGP 373.9m for the first issue, according to a statement from the company to the Egyptian Exchange on Tuesday.

Furthermore, Hermes said that the bonds were offered in 3 tranches at a fixed interest rate, the first will be paid in fixed instalments, and the second and third will be distributed according to the portfolio’s returns.

Tranche A is worth EGP 120m and has a duration of 13 months and has a credit rating of AA+ from the Middle East Credit Rating and Investors Service (MERIS). Tranche B is worth EGP 135m and has a duration of 3 years and is rated AA. Tranche C, however, has a value of EGP 45m, a duration of 5 years, and is rated A.

Maged Al-Ayouti, the Managing Director of the Promotion and Underwriting Sector at EFG Hermes, said that this issuance comes two weeks after the completion of a financing deal worth EGP 750m in December 2021, in which EFG Hermes acted as the financial adviser and financier.

This deal represents the second issuance of securitisation bonds and the third deal in which EFG Hermes provides advisory services for MNHD.

The first securitisation bonds agreement was struck in 2019, and the second financing agreement, which was worth EGP 750m, was signed at the end of December 2021 in the form of a financial leasing, where the Promotion and Underwriting Sector acted as the financial adviser for the deal and EFG Hermes Financing Solutions — a wholly owned subsidiary of EFG Hermes Holdings — as the commissioner.

Abdullah Salam, CEO and Managing Director of MNHD, said that the integrated partnership with EFG Hermes will allow the company to employ more sustainable financing solutions in implementing its long-term expansion plans, which contributes to strengthening its endeavours to develop high-quality real estate projects in Taj City and Saray.

You Might Also Like

Public Enterprise Minister discusses cooperation with Aluminium Bahrain

First Abu Dhabi Bank Egypt launches ‘Access’ portal for electronic payments

Sorouh partners with RICON Construction to establish new projects with EGP 30bn investments

Egyptian property sales increase 7% in April: Aqarmap

Africa needs 10 million housing units annually to meet increasing demand:AFCCA

TAGGED: EFG Hermes, MNHD
Share this Article
Facebook Twitter Email Print
Previous Article moiet Legal principles for settling income tax disputes must be unified: Finance Minister
Next Article GLC Paints announced the launch "Colour Trends 2021" conference. It will focus on 24 new colours with the participation of the most prominent architects and designers in Egypt and the Arab region. GLC Paints to announce colour trends for 2022 in Cairo
Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Public Enterprise Minister discusses cooperation with Aluminium Bahrain
Public Enterprise Minister discusses cooperation with Aluminium Bahrain
Business
Irrigation Minister reviews preparations for upcoming Cairo Water Week
Irrigation Minister reviews preparations for upcoming Cairo Water Week
Politics Egypt
Al-Sisi affirms Egypt's keenness on security, stability of Iraq
Al-Sisi affirms Egypt’s keenness on security, stability of Iraq
Politics Egypt Region
Biden, Republican House Speaker reach ‘preliminary agreement’ on debt ceiling
Biden, Republican House Speaker reach ‘preliminary agreement’ on debt ceiling
Politics World
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?