Egypt’s Palm Hills Developments has raised EGP 2.015 billion ($42.9 million) in its new securitised bond issuance.

The offering is the first instalment of a much larger EGP 30 billion securitisation programme the real estate developer has planned.

The EGP 2.015 billion issuance that closed on Wednesday was split into four tranches. Tranche A, valued at EGP 423.15 million, will mature in 13 months, while Tranche B (EGP 906.75 million) is set to mature in 36 months.

Tranche C, valued at EGP 594.425 million, has a tenor of 60 months, while Tranche D at EGP 90.675 million has a tenor of 84 months.

Proceeds of the offering will be used to expedite the construction of various real estate projects. Palm Hills builds and manages residential, commercial and resort properties.

EFG Hermes acted as the sole financial advisor, bookrunner and underwriter of the offering.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com