Arab Finance: EFG Hermes has concluded advisory on Bedaya Mortgage Finance’s seventh securitization issuance worth EGP 1.56 billion, as per an emailed press release.
The issuance, which is the fifth under capital for securitization’s program, reflects Bedaya’s continued activity in Egypt’s non-bank mortgage finance market.
The bond is backed by a receivables portfolio assigned to capital for securitization as the special purpose vehicle and is divided into four tranches.
Tranche A is valued at EGP 171.29 million, with a 13-month tenor and a credit rating of AA from Middle East Rating and Investors Service (MERIS).
Tranche B stands at EGP 552.81 million, with a 36-month tenor and an A rating.
Tranche C is worth EGP 646.24 million, with a 60-month tenor and an A- rating, while Tranche D is valued at EGP 186.86 million, with an 82-month tenor and an A- rating.
EFG Hermes acted as sole financial advisor, transaction manager, book-runner, underwriter, and arranger.
The issuance was underwritten by the National Bank of Egypt (NBE), Al Baraka Bank Egypt, and Commercial International Bank (CIB), with Bank NXT and Arab Banking Corporation participating as subscribers.
The NBE also served as placement agent, while Abu Dhabi Commercial Bank (ADCB) acted as custodian bank. Dreny & Partners were legal counsel, and Baker Tilly served as auditor.
