Bedaya hits the securitization market again: EFG Holding’ NBFI arm EFG Finance’s Bedaya Mortgage Finance has issued EGP 1.4 bn in securitized bonds, according to a statement (pdf). The issuance is Bedaya’s fourth and is the second in a wider EGP 3 bn securitization program.

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The details: The four-tranche bond, with tenors ranging from 13 months to 81 months, received credit ratings from A- to AA from the Middle East Rating Service (MERIS). The issuance is backed by a receivables portfolio from GB Capital’s Capital for Securitization as the issuance’s special purpose vehicle.

Who bought in? The Arab Banking Corporation and Société Arabe Internationale de Banque subscribed to the issuance. EFG Hermes acted as underwriter alongside the National Bank of Egypt and Al Baraka Bank.

Advisors: EFG Hermes was the sole financial advisor, transaction manager, bookrunner, and arranger for the issuance. The Abu Dhabi Commercial Bank Egypt was custodian bank, legal advice was provided by Barakat, Maher & Partners in collaboration with Clyde & Co, and Sherif Mansour Dabus–Russell Bedford was auditor.

DATA POINT- The transaction brings the total value of securitized bonds issued in Egypt so far this year to EGP 21.2 bn — 62.7% less than the amount raised in the same period last year — according to data tracked by Enterprise.

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