EFG Hermes concludes advisory on Bedaya Mortgage Finance’s first securitization issuance worth EGP 651.2m

EFG Hermes has announced that it successfully closed the first securitization issuance worth EGP 651.2m of the EGP 3bn programme for Bedaya Mortgage Finance, Egypt’s first non-bank online mortgage provider. The bond is a mortgage backed portfolio of around EGP 1.02bn, assigned to EFG Hermes, the issuance’s special purpose vehicle (SPV). This transaction marks the first ever securitization for a real estate mortgage company in Egypt.

Commenting on the issuance, Maie Hamdy, Managing Director – Debt Capital Markets at EFG Hermes said, “We are proud to have advised on the first real estate mortgage securitization transaction in the Egyptian market, which has been met with extensive interest from investors, bearing in mind the almost 10-year tenor notwithstanding the current market uncertainty.

Taking this step with Bedaya – a joint venture between EFG Hermes Holding, Talaat Moustafa Group, and GB Capital – comes as part of our broader strategy to capitalize on our cross-selling synergies and product diversification that are an essential pillar of our business model and progression. We are very proud of the success of this issuance and attribute it to our team’s unwavering commitment to consistent value creation and forward-looking approach.”

According to the Financial Regulatory Authority’s (FRA) report for March 2022, Bedaya ranked fourth in 2021, third in the first quarter of 2022, and second in March 2022. Last year,…

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