Bedaya closes EGP 1.6 bn securitization issuance: Bedaya Mortgage Finance, a subsidiary of EFG Holding’s NBFI arm EFG Finance, has completed an EGP 1.56 bn securitized bond issuance, according to a statement (pdf). The issuance is the company’s seventh overall, and fifth under a wider EGP 3 bn program.

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About the issuance: The issuance came in four tranches with tenors ranging from 13 to 82 months, which received ratings ranging between AA and A- from Middle East Rating 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 NXT and Bank ABC were among those who subscribed to the issuance.

What they said: “The seventh issuance for Bedaya reflects our steadfast commitment to expanding access to mortgage finance in Egypt. By working closely with EFG Hermes, we have been able to strengthen our securitization program. We look forward to continuing to develop dynamic financing solutions that reinforce our market leadership and support sustainable growth in the mortgage financing space,” said Bedaya CEO Tarek Abou Gendia.

ADVISORS- Our friends at EFG Hermes acted as the sole financial advisor, transaction manager, bookrunner, underwriter, and arranger on the transaction. The National Bank of Egypt was the placement agent and underwriter, alongside Al Baraka Bank and CIB. Meanwhile, Abu Dhabi Commercial Bank served as the custodian bank and Dreny & Partners provided counsel.

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