We are delighted to announce the successful closure of the Egyptian Mortgage Refinance Company’s (EMRC) first ever securitization transaction for their mortgage finance portfolio amounting to EGP 472 million, which comes as part of a wider 3-year multi-issuance program with a total value of EGP 3 billion. It is worth mentioning that EMRC is the sole financial institution in the Egyptian market that provides funds refinancing to mortgage lenders.
The issuance was backed by a receivables portfolio originated by EMRC and was comprised of three tranches: Tranche A amounting to EGP 66,080 million rated AA+, Tranche B valued at EGP 193,520 million rated AA, Tranche C valued at EGP 212,400 million rated A from the Middle East Ratings and Investors Service (MERIS).
It is worth mentioning that EFG Hermes and Al Ahly Pharos acted as the financial advisor, National Bank of Egypt (NBE), Arab African International Bank (AAIB), along with EFG acted as underwriters of the transaction, in addition, AAIB acted as bookrunner and custodian, and KPMG as the auditor of the transaction.
Partner, Head of Capital Markets and Financial Services; Imane Raouf commented: “We are delighted for being part of this unique transaction. One-of-a-kind for the first securitization transaction originated by the only company in the Egyptian market which provides refinance mortgage.” Raouf added: “I would like to thank all parties behind this success, especially our dedicated team for their professionalism and hard work while closing the issuance”.
This transaction was led by:
Partner, Head of Capital Markets and Financial Services Department Imane Raouf.
Capital Markets team: Managing Associates Sherine El-Menyawy and Metwally Sweify – Associate Aya Khaled.
From the Capital Markets Procedures team: Managing Associate Nagy Ebeid and Junior Associate Ahmed Ayman.
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