Beltone Mortgage wraps up debut securitization issuance: Beltone Holdings’ Beltone Mortgage has completed a EGP 1.32 bn securitized bond issuance, its first ever, according to a company statement (pdf). The issuance came under Beltone Securitization’s second program and was 2.3x oversubscribed.

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The breakdown: The issuance came in four tranches, with tenors ranging between 24 and 60 months and ratings between A- and AA+.

Who bought in? Abu Dhabi Commercial Bank (ADCB), Saib Bank, Industrial Development Bank, and Housing and Development Bank subscribed to the issuance. The issuance was underwritten by the National Bank of Egypt, Banque du Caire, Al Baraka Bank, and Ahli Bank of Kuwait.

ADVISORS- Beltone Investment Banking acted as financial advisor, lead arranger, and bookrunner. Matouk Bassiouny & Hennawy was legal advisor, KPMG was auditor, ADCB was custodian and backup servicer, and Banque du Caire acted as placement agent.

What they said: “This first securitization issuance marks a strategic turning point for Beltone Mortgage. It reflects the strength and quality of our mortgage finance portfolio and reinforces our ability to structure innovative funding solutions that support our sustainable growth ambitions,” CEO Hassan Abdelnabi said.

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