{"id":582407,"date":"2023-03-08T00:00:00","date_gmt":"2023-03-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/08\/bedaya-al-oula-close-egp-1-bn-securitized-bond-sales\/"},"modified":"2023-03-08T00:00:00","modified_gmt":"2023-03-08T00:00:00","slug":"bedaya-al-oula-close-egp-1-bn-securitized-bond-sales","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/08\/bedaya-al-oula-close-egp-1-bn-securitized-bond-sales\/","title":{"rendered":"Bedaya + Al Oula close EGP 1 bn securitized bond sales"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Two mortgage companies issue securitized bonds: <\/span><span style=\"\">Bedaya Mortgage Finance and Al Oula <\/span><span style=\"font-weight:400;\">Mortgage Finance each issued securitized bonds worth nearly EGP 1 bn yesterday. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#1- <\/span><span style=\"font-weight:700\">Bedaya<\/span><span style=\"\"> <\/span><span style=\"font-weight:700\">closes EGP 958 mn securitization: <\/span><span style=\"\">Bedaya Mortgage Finance issued securitized <\/span><span style=\"\">bonds worth EGP 958 mn in the second round of its EGP 3 bn program, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/Bedaya-March-2023-English-Press-Release-March-2023.pdf\" style=\"\">a statement (<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/Bedaya-March-2023-English-Press-Release-March-2023.pdf\" style=\"\">pdf<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/Bedaya-March-2023-English-Press-Release-March-2023.pdf\" style=\"\">)<\/a><\/span><span style=\"font-weight:400;\"> from Dreny and Partners, which was the legal advisor on the transaction. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">About the issuance: <\/span><span style=\"\">The six-tranche bond is backed by a receivables<\/span><span style=\"\"> portfolio of EGP 1.56 bn<\/span><span style=\"\">, Dreny and Partner\u2019s business development director Shereen El Hadidi told us. The tranches received ratings ranging from A to AA+ from the Middle East Rating and Investor Service (MERIS). <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Bedaya is now more than halfway through its EGP 3 bn securitization program.<\/span><span style=\"\"> It issued <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/06\/22\/efg-hermes-closes-the-first-securitization-for-an-egyptian-mortgage-firm-74416\/\" style=\"\">EGP 651.2 mn worth of bonds<\/a><\/span><span style=\"\"> to kick off the program last year. The entire program should be completed within the next two years depending on Bedaya\u2019s operational needs, Imane Raouf, partner at Dreny and <\/span><span style=\"font-weight:400;\">Partners, told Enterprise. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Who bought in?<\/span><span> Al Ahly Pharos, Arab African International Bank (AAIB), CIB, and National Bank of Egypt (NBE), El Hadidi said.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">More advisors:<\/span><span style=\"\"> EFG Hermes acted as <\/span><span style=\"\">financial advisor<\/span><span style=\"font-weight:400;\">. It was joined by NBE, AAIB and CIB as underwriters, with NBE also acting as bookrunner and custodian. KPMG was the auditor. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">About Bedaya: <\/span><span>The mortgage provider is a joint venture between EFG Hermes Holding, Talaat Moustafa Group and GB Capital.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#2- Al Oula Mortgage Finance closed its first securitization issuance <\/span><span style=\"\">worth EGP 998.5 mn, <\/span><span style=\"\">also part of a planned three-year, EGP 3 bn program, according to a separate <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/Al-Oula-Securitization-transaction-7-March-press-Release.pdf\" style=\"\">press release (<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/Al-Oula-Securitization-transaction-7-March-press-Release.pdf\" style=\"\">pdf<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/Al-Oula-Securitization-transaction-7-March-press-Release.pdf\" style=\"\">)<\/a><\/span><span style=\"\"> from Dreny and Partners. The six tranches were backed by an unspecified receivables portfolio and were rated<\/span><span style=\"\"> from A to <\/span><span style=\"\">AA+ by MERIS.<\/span><span style=\"\"> <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Advisors:<\/span><span style=\"\"> EFG Hermes acted as the <\/span><span style=\"\">financial advisor<\/span><span style=\"font-weight:400;\">. It also acted as an underwriter alongside NBE, AAIB and Banque du Caire, with AAIB acting as bookrunner and custodian. Baker Tilly was the auditor and the legal advisor for the issuance was Dreny and Partners.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">** The securitization market in 2023:<\/span><span style=\"\"> <\/span><span style=\"\">The two issuances bring the total securitized bonds <\/span><span style=\"\">brought to market so far this year to almost <\/span><span style=\"\">EGP 9.6 bn.<\/span><span style=\"\"> That\u2019s more than the <\/span><span style=\"\">EGP 8 b<\/span><span style=\"font-weight:400;\">n that went to market in the same period of last year \u2014 which was already a hot year for securitization issuances. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Companies have sold EGP 9.6 bn of securitized bonds so far this year.<\/p>\n","protected":false},"author":1,"featured_media":582408,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7274],"tags":[6735,6736,6505,84,72,85],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-582407","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-al-oula-mortgage-finance","tag-bedaya-mortgage-finance","tag-dreny-partners","tag-efg-hermes","tag-enterpriseam","tag-securitization","wpautop","entry"],"acf":{"mongo_id":"a270c3ce-25bb-49e0-b8a3-a7606541a994","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/Buildings-and-landscapes-1600.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Bedaya + Al Oula close EGP 1 bn securitized bond sales","related_issue":[582394],"teaser":"Companies have sold EGP 9.6 bn of securitized bonds so far this year.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.b054415f-5137-4003-aaeb-afa03ce940a0.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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Al Oula, Al Ahly Mortgage Finance, and Amlak Egypt are part of the consortium currently\u2026","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/311.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":671262,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/09\/03\/efg-finances-bedaya-issues-egp-1-6-bn-in-securitized-bonds-2\/","url_meta":{"origin":582407,"position":1},"title":"EFG Finance\u2019s Bedaya issues EGP 1.6 bn in securitized bonds","author":"enterpriseam admin","date":"3 September 2025","format":false,"excerpt":"The issuance came in four tranches with tenors ranging from 13 to 82 months","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT 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