Bedaya Mortgage Finance has issued securitized bonds worth $35 million with advice from EFG Hermes
Bedaya Mortgage Finance, a company owned by Cairo-based EFG Finance, has sold $35 million (EGP 1.8 billion) in securitized bonds. The investment team at EFG Hermes, part of EFG Holding, helped with the process.
Details about the Bond Issuance
The mortgage company has issued its fifth bond since it was founded and its third as part of a larger $196.6 million (EGP 10 billion) program, according to a statement released on Sunday.
The bond is backed by a group of receivables managed by Capital for Securitization, which serves as the special-purpose vehicle (SPV) for this issuance.
The bond is divided into four parts, each offering different returns and repayment periods:
- Tranche A: Worth $3.5 million (EGP 178.05 million) with a 13-month term.
- Tranche B: Worth $11.2 million (EGP 569.76 million) with a 36-month term.
- Tranche C: Worth $12.08 million (EGP 614.27 million) with a 60-month term.
- Tranche D: Worth $8.23 million (EGP 418.42 million) with an 81-month term.
Maie Hamdy, Managing Director of Debt Capital Markets at EFG Hermes, said the success of this issuance shows the market’s trust in the company’s innovative approach, strong financial results, and the expertise of their debt capital market team in handling significant transactions.
EFG Hermes was the sole financial advisor, transaction manager, bookrunner, underwriter, and arranger for the bond. The National Bank of Egypt (NBE) acted as an underwriting and subscription bank, while Al Baraka Bank also served as an underwriting bank.
Arab Banking Corporation (ABC) and Société Arabe Internationale de Banque (SAIB) participated as subscribers, and Abu Dhabi Commercial Bank (ADCB) was the custodian bank.
Debt Issuance
EFG Hermes has been involved in several recent debt deals in the region. Just last week, it helped Valu, an Egyptian financial technology company it owns, issue its 13th securitized bond worth $10.2 million (EGP 519.2 million). Since Valu’s first bond issue in 2021, the total value of its bonds has reached over $212 million (EGP 10.8 billion).
Last month, EFG Hermes also helped Sylndr, an Egyptian online platform for selling used cars, secure a $7.5 million (EGP 370 million) loan. The loan will help Sylndr grow, improve its operations, and strengthen its position in Egypt’s car market.
Published: 30th December 2024
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