Cairo - Mubasher: Egyptian Financial Group Hermes Holding (EFG Hermes) has completed an advisory on the first securitisation issuance of EGP 651.2 million for Bedaya Mortgage Finance, Egypt’s first non-banking online mortgage provider.

Closed by EFG Hermes' investment banking division, this issuance is part of an EGP 3 billion securitisation programme, according to a press release on Tuesday.

Comprised of eight tranches with both fixed and variable yields, this transaction marks the first securitisation for a real estate mortgage company in Egypt.

EFG Hermes acted as the sole financial advisor, sole transaction manager, book-runner, underwriter, and arranger on the issuance.

The Managing Director - Debt Capital Markets at EFG Hermes, Maie Hamdy, said: "We are proud to have advised on the first real estate mortgage securitization transaction in the Egyptian market, which has been met with extensive interest from investors, bearing in mind the almost 10-year tenor notwithstanding the current market uncertainty."

Meanwhile, Hamdy added: "Taking this step with Bedaya – a joint venture between EFG Hermes Holding, Talaat Mostafa Group, and GB Capital – comes as part of our broader strategy to capitalise on our cross-selling synergies and product diversification that are an essential pillar of our business model and progression."

It is noteworthy to mention that in February 2022, EFG Hermes completed the first issuance of securitised bonds for Misr Italia Properties at a total value of EGP 794 million.