{"id":606003,"date":"2023-09-10T00:00:00","date_gmt":"2023-09-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/10\/our-first-mortgage-backed-securitization-closes\/"},"modified":"2023-09-10T00:00:00","modified_gmt":"2023-09-10T00:00:00","slug":"our-first-mortgage-backed-securitization-closes","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/10\/our-first-mortgage-backed-securitization-closes\/","title":{"rendered":"Our first mortgage-backed securitization closes"},"content":{"rendered":"

Egyptian Mortgage Refinance Company (EMRC)<\/a><\/strong> has issued EGP 472 <\/strong> mn in securitized bonds<\/strong>, Dreny & Partners, the legal counsel on the transaction, said in a press release (<\/a>pdf<\/a>)<\/a> on Thursday. The three-tranche issuance was rated between AA+, AA and A by the Middle East Ratings and Investors Service (MERIS). The issuance is the first in a planned three-year, EGP 3 bn program. <\/p>\n

First of its kind: <\/strong>The transaction marked the first securitization issuance for EMRC, which is the country\u2019s sole provider of refinancing to mortgage lenders, according to the release. EMRC has been eyeing a securitized bond sale as far back as 2020<\/a>.<\/p>\n

Who subscribed? <\/strong> EFG Hermes, the National Bank of Egypt, and the Arab African International Bank were joint underwriters.<\/p>\n

Advisors: <\/strong>EFG Hermes and Al Ahly Pharos acted as joint financial advisors on the transaction. AAIB was bookrunner and custodian, KPMG was the auditor, and Dreny & Partners acted as legal counsel.<\/p>\n

DATA POINT- <\/strong>This brings the total value of securitized bonds issued in Egypt so far this year to nearly EGP 50.8 bn \u2014 almost 12% more than total volumes across the whole of 2022, according to data tracked by Enterprise.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company securitized EGP 472 mn of its lending portfolio<\/p>\n","protected":false},"author":1,"featured_media":606004,"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":[813,88,6505,84,11575,72,85],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-606003","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-al-ahly-pharos","tag-debt-watch","tag-dreny-partners","tag-efg-hermes","tag-egyptian-mortgage-refinance-company","tag-enterpriseam","tag-securitization","wpautop","entry"],"acf":{"mongo_id":"96222579-0d9c-41db-8710-b10fbce700a0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/9\/653.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian Mortgage Refinance Company closes inaugural securitized bond sale","related_issue":[605996],"teaser":"The company securitized EGP 472 mn of its lending portfolio","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/9\/.da86ae5d-9534-4a18-8610-9baf24de6ecf.mp3"},"yoast_head":"\nOur first mortgage-backed securitization closes - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/10\/our-first-mortgage-backed-securitization-closes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Our first mortgage-backed securitization closes\" \/>\n<meta property=\"og:description\" content=\"The company securitized EGP 472 mn of its lending portfolio\" \/>\n<meta property=\"og:url\" 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