Arab Finance: EFG Hermes, an EFG Holding company, has concluded advisory on a securitized bond issuance for Bedaya Mortgage Finance, with a total value of EGP 1.91 billion, as per an emailed press release.

The transaction marks Bedaya’s eighth securitization issuance since inception and its sixth under the Capital securitization program.

The bond is backed by a receivables portfolio transferred to Capital for Securitization, a GB company, which acted as the special purpose vehicle for the issuance.

Structured across four tranches with variable interest rates, the issuance includes a first tranche valued at EGP 238.38 million with a 13-month tenor and an AA credit rating. A second tranche stands at EGP 648.38 million with a 36-month tenor and an A rating, followed by a third tranche of EGP 715.13 million with a 60-month tenor rated A-. The fourth tranche is valued at EGP 305.12 million, carrying an 81-month tenor and an A- rating.

EFG Hermes’ Debt Capital Markets team acted as sole financial advisor, transaction manager, book-runner, underwriter, and arranger on the deal.

The issuance was underwritten by the National Bank of Egypt (NBE), Banque du Caire (BDC), Commercial International Bank (CIB), Société Arabe Internationale de Banque (SAIB), and Ahli Bank of Kuwait (ABK).

Banque du Caire also served as placement agent, while The United Bank (UB) participated as a subscriber. Abu Dhabi Commercial Bank (ADCB) was appointed as the custodian bank. Dreny & Partners acted as legal advisor, and Baker Tilly served as auditor.