Bedaya Mortgage Finance closes second securitized transaction

Dreny & Partners has played a pivotal role in the successful closure of Bedaya Mortgage Finance’s second securitized transaction, valued at EGP 958 million. This transaction forms part of a larger three-year multi-issuance program worth EGP 3 billion. 

The issuance was underpinned by a receivables portfolio originated by Bedaya Mortgage Finance Co., and was structured into six tranches, each with a unique rating from the Middle East Ratings and Investors Service (MERIS). These tranches included Tranche A, valued at EGP 93,035 million and rated AA+; Tranche B, valued at EGP 262,925 million and rated AA; Tranche C, valued at EGP 453,040 million and rated A; Tranche D, valued at EGP 15,645 million and rated AA+; Tranche E, valued at EGP 49,170 million and rated AA; and Tranche F, valued at EGP 84,185 million and rated A. 

It is noteworthy that EFG Hermes acted as the financial advisor for this transaction. The underwriters for the transaction included National Bank of Egypt (NBE), Arab African International Bank (AALB), Commercial International Bank (CIB), and EFG. NBE also served as the bookrunner and custodian for the transaction, while KPMG was the transaction’s auditor. 

On this transaction, the Dreny & Partners team was led by partner and head of capital markets and financial services department Imane Raouf (pictured), working alongside associates Abdelrheem Ashraf and Metwally Sweify with junior associate Nada Kamal (all capital markets) and associate Nagy Ebeid and junior associates Kholoud Diab and Ahmed Ayman (all capital markets procedures).