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Reading: EFG Hermes concludes advisory on Al Taamir Mortgage Finance – Al Oula’s 1st securitisation issuance of EGP 998.5m
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Dailynewsegypt > Blog > Politics > EFG Hermes concludes advisory on Al Taamir Mortgage Finance – Al Oula’s 1st securitisation issuance of EGP 998.5m
Politics

EFG Hermes concludes advisory on Al Taamir Mortgage Finance – Al Oula’s 1st securitisation issuance of EGP 998.5m

Daily News Egypt
Last updated: 2023/03/09 at 12:17 AM
By Daily News Egypt 4 Min Read
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EFG Hermes concludes advisory on Al Taamir Mortgage Finance – Al Oula’s 1st securitisation issuance of EGP 998.5m
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EFG Hermes, the leading investment bank franchise in Frontier and Emerging Markets (FEM), announced Wednesday that its investment banking division has successfully concluded the first securitized bond issuance for Al Taamir Mortgage Finance – Al Oula, a prominent player in the Egyptian mortgage finance space, in a transaction worth EGP 998.5m, as part of a wider EGP 3 billion securitization program.

The bond is backed by a portfolio assigned to Al Taamir for Securitization, the issuance’s special purpose vehicle (SPV), and is comprised of six tranches with both fixed and variable yields, structured as follows:

Fixed Yield Tranches: Tranche A – Valued at EGP 73.5m with a 13-month bond tenor and a credit rating of AA+ from Middle East Rating and Investors Service (MERIS). Tranche B – Valued at EGP 186.2m with a 36-month tenor and a credit rating of AA from MERIS. Tranche C – Valued at EGP 230.3m with a 67-month tenor and a credit rating of A from MERIS.

Variable Yield Tranches: Tranche A – Valued at EGP 91.5m with a 13-month tenor and a credit rating of AA+ from MERIS. Tranche B – Valued at EGP 203.4m with a 36-month tenor and a credit rating of AA from MERIS. Tranche C – Valued at EGP 213.6m with a 78-month tenor and a credit rating of A from MERIS.

Maie Hamdy, Managing Director – Debt Capital Markets at EFG Hermes, commented: “We are delighted to be adding Al Taamir Mortgage Finance – Al Oula to our partner base, and to help them carry out their expansion plans as they look to broaden their presence in the ever-growing real estate space. As the Egyptian securitization landscape continues to witness rapid growth, we are leveraging our heavyweight track record to not only make way for investors to access lucrative opportunities, but also for our clients to utilize alternative, value-generating funding streams when looking to raise capital.”

This issuance comes on the heels of a series of securitization deals the division has concluded in the DCM landscape, including Misr Italia Properties’ second issuance worth EGP 986m, Pioneers Properties for Urban Development’s third issuance worth EGP 292.5m, and Premium International for Credit Services’ sixth and seventh issuances, worth EGP 170m and EGP 200.6m, respectively. 2022 saw the division advise on CIRA’s EGP 800m future flow securitized bond offering — the first-of-its-kind in the market, and Bedaya’s securitized issuances, worth a total of EGP 1.61 billion – the first ever securitization deal for a real estate mortgage company.

Ayman Abdel Hamid, Managing Director and Vice Chairperson of Al Taamir Mortgage Finance – Al Oula, commented: “We are proud of the success our first securitized bond offering has garnered today, having leveraged the strength of the leading investment bank franchise in Frontier and Emerging Markets (FEM). We are confident this is only the beginning of a mutually beneficial and lasting partnership with EFG Hermes. The issuance will lay the foundation for us to further scale our operations in the market — as we have so ambitiously done over the last 20 years — and to continue providing the liquidity that our clients need to expand in the real estate space.” 

EFG Hermes acted as sole financial advisor, book-runner, underwriter, and lead arranger on the transaction. Dreny and Partners acted as legal advisor, Bakertilly Mohamed Hilal & Wahid Abdel Ghaffar as the auditor, while Arab African International Bank (AAIB), National Bank of Egypt (NBE), and Banque du Caire (BDC) acted as the underwriting banks. AAIB also acted as custodian bank.

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