Bedaya raises EGP 1.6 bn from its first 2025 securitized issuance: Bedaya Mortgage Finance, a subsidiary of EFG Holding’s NBFI arm EFG Finance, has closed a EGP 1.6 bn securitized bond issuance, according to a press release (pdf) from issuance adviser EFG Hermes. This marks the company’s sixth such issuance and the fourth in a wider EGP 3 bn program.

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About the issuance: The issuance included four trances with tenors ranging from 13 to 81 months, which received ratings ranging from AA to A- from the Middle East Ratings and Investors Service (MERIS). The issuance was backed by a receivables portfolio from GB Corp’s Capital for Securitization as the issuance’s special purpose vehicle.

Who bought in? Bank ABC was among those that subscribed to the issuance, while the National Bank of Egypt, Arab African International Bank, Banque Misr, Al Baraka Bank, and EFG Hermes were underwriters.

What they said: “Working alongside EFG Hermes has enabled us to develop a dynamic securitization program that not only strengthens our liquidity position but also enables us to extend financing to a wider segment of Egyptians seeking to own homes,” said Bedaya CEO Tarek Abou Gendia.

Advisors: Our friends at EFG Hermes acted as the sole financial advisor and transaction manager, as well as a book-runner and arranger on the transaction. NBE also acted as the placement agent, while Abu Dhabi Commercial Bank acted as the custodian bank. Barakat, Maher & Partners, in association with Clyde & Co, provided legal counsel, and Sherif Mansour Dabus-Russel Bedford served as the auditor.

DATA POINT- This issuance brings the total value of securitized bonds issued in Egypt this year to EGP 10.0 bn — 43.3% more than the amount raised in the same period last year — according to data tracked by EnterpriseAM.

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