Egypt - Bedaya Mortgage Finance Co has successfully closed its second securitized bonds at a value of EGP 958 million, according to a press release on March 7th.

The bonds came as part of the Three-year multi-issuance program worth EGP 3 billion.

The issuance is backed by a receivables portfolio originated by Bedaya Mortgage Finance.

It comprised six tranches: Tranche A worth EGP 93.035 million rated AA+ by MERIS, Tranche B worth EGP 262.925 million rated AA, and Tranche C valued at EGP 453.040 million rated A.

Moreover, the offering includes Tranche D worth EGP 15.645 million rated AA+, Tranche E valued at EGP 49.170 million rated AA, and Tranche F valued at EGP 84.185 million rated A.

EFG Hermes acted as the financial advisor on the transaction, while the National Bank of Egypt (NBE), Arab African International Bank (AALB), and Commercial International Bank (CIB) acted as underwriters along with EFG Hermes.

NBE also served as the bookrunner on the issuance, and KPMG was the auditor.

Meanwhile, Dreny & Partners acted as the legal advisor on the transaction.

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