Clyde & Co Egypt advises on multimillion-dollar Bedaya securitisationPublished by: Robert Li on 16/10/2024Egyptian company Capital for Securitization has concluded a USD 29 million mortgage securitisation transa...Egyptian company Capital for Securitization has concluded a USD 29 million mortgage securitisation transaction. Egyptian securitisation company Capital for Securitization (CFS) has concluded the issuance of EGP 1.4 billion (USD 29 million) of securitisation bonds, as consideration for domestic non-bank mortgage provider Bedaya Mortgage Finance’s mortgage portfolio. The custodian role was filled by Abu Dhabi Commercial Bank and the subscription receiver was Commercial International Bank. The latest bond is itself divided into four, with tranche A’s EGP 63.7 million (USD 1.3 million) having a 13-month duration and tranche B’s EGP 353.9 million (USD 7.3 million) holding a 36-month term, while the EGP 509.6 million (USD 10.5 million) of tranche C has a 60-month term and the 81-month duration tranche D is valued at EGP 488.3 million (USD 10 million). Partner Mostafa Elsakka led the Barakat, Maher & Partners team, assisted by associates Walid Enany, Omar Mahmoud and Mahmoud Toraya.

Source: The North Africa Journal October 16, 2024 15:36 UTC