Al Oula Mortgage finance closes 1st Securitization Transaction
Al Oula Mortgage Finance Co. has successfully closed its inaugural securitization deal, raising EGP 998.5 million through the issuance of six tranches backed by its mortgage finance portfolio. This securitization is part of a larger three-year program with a total value of EGP 3 billion.
The issuance was backed by receivables portfolio originated by Al Oula Mortgage Finance Co., and was comprised of six tranches: Tranche A amounting to EGP 91,530,000 rated AA+, Tranche B valued at EGP 203,400,000 rated AA, Tranche C valued at EGP 213,570,000 rated A, Tranche D valued at 73,500,000 rated AA+, tranche E 186,200,000 rated AA, as well as, tranche F valued at 230,300,000 rated A from the Middle East Ratings and Investors Service (MERIS).
EFG Hermes acted as the financial advisor, while National Bank of Egypt (NBE), Arab African International Bank (AAIB) and Banque Du Caire along with EFG acted as underwriters, in addition, AAIB acted as custodian and subscription bank, and Bakertilly acted as the auditor of the transaction.
Dreny & Partners acted as legal counsel for Al Oula Mortgage Finance Co. This transaction was led by partner and head of capital markets and financial services department Imane Raouf (pictured), working alongside managing associates Sherine El Menyawy, junior associate Aya Khaled (all capital markets) and associate Nagy Ebeid and junior associates Kholoud Diab and Ahmed Ayman (all capital markets procedures).