Dreny & Partners on EMRC’s EGP 472 mil Securitization Deal  

Dreny & Partners acted as legal counsel in the successful execution of a securitization transaction for the Egyptian Mortgage Refinance Company (EMRC). This financial operation involved EMRC’s mortgage finance portfolio, with a total value of EGP 472 million, as part of a comprehensive 3-year multi-issuance program with a cumulative value of EGP 3 billion. 

EMRC stands as the singular financial institution within the Egyptian market exclusively dedicated to offering funds refinancing services to mortgage lenders. 

The issuance was secured by a receivables portfolio originated by EMRC and structured into three distinct tranches: Tranche A, amounting to EGP 66,080 million, rated AA+; Tranche B, valued at EGP 193,520 million, rated AA; and Tranche C, valued at EGP 212,400 million, rated A by the Middle East Ratings and Investors Service (MERIS). 

EFG Hermes and Al Ahly Pharos served as financial advisors, while the National Bank of Egypt (NBE), Arab African International Bank (AAIB), in collaboration with EFG, acted as underwriters for the transaction. Additionally, AAIB assumed the roles of bookrunner and custodian, while KPMG provided audit services for this transaction. 

Partner, Head of Capital Markets and Financial Services; Imane Raouf commented: “We are delighted for being part of this unique transaction. One-of-a-kind for the first securitization transaction originated by the only company in the Egyptian market which provides refinance mortgage.” Raouf added: “I would like to thank all parties behind this success, especially our dedicated team for their professionalism and hard work while closing the issuance”.  

This transaction was led by: Partner, Head of Capital Markets and Financial Services Department Imane Raouf (pictured). Capital Markets team: Managing Associates Sherine El-Menyawy and Metwally Sweify – Associate Aya Khaled. From the Capital Markets Procedures team: Managing Associate Nagy Ebeid and Junior Associate Ahmed Ayman