Barakat, Maher & Partners In Association With Clyde & Co Advised On Securitization Of Bedaya’s Mortgage Portfolio
Barakat, Maher & Partners In Association With Clyde & Co Advised On Securitization Of Bedaya’s Mortgage Portfolio
Barakat, Maher & Partners, in association with Clyde & Co, has successfully advised Capital for Securitization on the EGP 1,780,500,000 securitization bond issuance backed by the mortgage portfolio of Bedaya Mortgage Finance Co. (Bedaya). The Financial Regulatory Authority approved the issuance on December 25, 2024.
EFG Hermes served as the financial advisor, lead arranger, and underwriter for the transaction, with Abu Dhabi Commercial Bank acting as the custodian and Commercial International Bank as the subscription receiver.
This marks the third tranche in Bedaya’s securitization program, which is projected to reach a total value of EGP 10 billion. The first two tranches, valued at EGP 843 million and EGP 1,414,500,000, were successfully closed on December 29, 2023, and October 10, 2024, respectively. Barakat, Maher & Partners, in association with Clyde & Co, has acted as the lead legal advisor for all three issuances.
Bedaya, a joint venture between EFG Hermes, GB Capital, and Talaat Moustafa Group, is Egypt’s first non-bank mortgage provider offering digital mortgage solutions for residential and commercial property purchases.
The legal team for this transaction was led by Partner Mostafa Elsakaa, supported by Associates Walid Enany, Omar Mahmoud, and Mahmoud Toraya.
Commenting on the deal, Elsakaa said: “Our team in Cairo has been active in debt capital market transactions over the past 12 months. Representing Bedaya on these series of intricate bond issuances, bringing this transaction to a successful outcome before year end and successfully executing the two previous transactions at a value exceeding EGP 3 billion, all speak for our market reputation as strong technical capital markets lawyers in Egypt who apply practical business acumen and market knowledge to the deals we are involved in”.
