Egypt’s Arab African International Bank has acted as the lead coordinator, and underwriter for the securitisation transaction issued by Sarwa Capital at a value of 776 million Egyptian pounds for Palm Hills Development Co receivables portfolio of delivered units.
The bank has co-arranged this transaction and contributed with 210 million Egyptian pounds.
The signing of the transaction was finalised last October. It is considered a part of a series of securitisation transactions planed for Palm Hills to liquidise the receivables portfolio of the handed-over units.
A securitisation transaction is a debt capital market financial instrument whereby future receivables are converted into financial securities which can then be listed and traded on the stock exchange.
