Cairo – Mubasher: EFG Hermes, a subsidiary of EFG Holding, has concluded advisory on the fourth EGP 1.40 billion securitised bond issuance for Bedaya Mortgage Finance, according to a press release.
The issuance, which comes as the second in a wider EGP 3 billion programme, is backed by a receivables portfolio assigned to Capital for Securitization, a GB Capital company.
The offering includes four tranches with variable yields, with tranche A valued at EGP 63.70 million, holding a 13-month tenor and a credit rating of AA from Middle East Rating and Investors Service (MERIS).
Meanwhile, tranche B stood at EGP 353.90 million and will mature in 36 months, carrying a credit rating of A from MERIS.
The third and fourth tranches stood at EGP 509.60 million and EGP 488.30 million, respectively.
Sherif Tawadros, Capital for Securitization Managing Director, said: ” We are committed to driving innovation and delivering unparalleled financial solutions that meet the evolving needs of our clients. This transaction not only showcases our collective expertise but also reinforces our dedication to seizing new growth opportunities in the market”.
Maie Hamdy, Managing Director - Debt Capital Markets at EFG Hermes’ Investment Banking division, commented: “Building on our partnership further with Bedaya falls in line with our wider strategy to optimise our business model by diversifying our product offerings and optimizing our cross-selling capabilities while continuing our partnership through collaborating with GB Capital on this transaction as the SPV provider”.
EFG Hermes acted as the sole financial advisor and transaction manager, as well as the sole book-runner and arranger, the company was also an underwriter on the transaction.
National Bank of Egypt (NBE) and Al Baraka Bank Egypt acted as underwriting banks. Abu Dhabi Commercial Bank Egypt (ADCB) acted as the custodian bank.
Arab Banking Cooperation (ABC) and Société Arabe Internationale de Banque (SAIB) acted as subscribers to the transaction.
EFG Hermes recently closed advisory on a short-term note issuance, valued at EGP 433 million, for a one-year term for EFG Corp-Solutions back.
