Barakat, Maher & Partners in association with Clyde & Co advise on the mortgage portfolio of Bedaya

Barakat, Maher & Partners in association with Clyde & Co has successfully advised Capital for Securitization on the EGP 1,780,500,000 securitization bonds issuance for the mortgage portfolio of Bedaya Mortgage Finance Co. (Bedaya). The Financial Regulatory Authority approved the issuance on 25 December 2024.

EFG Hermes acted as the financial advisor, lead arranger and underwriter, Abu Dhabi Commercial Bank acted as the custodian and Commercial International Bank acted as the Subscription Receiver.

This issuance marks the third tranche in the programme, with an expected total value of EGP 10 billion. It follows the successful closures of the first two issuances, valued at EGP 843 million on 29 December 2023 and EGP 1,414,500,000 on 10 October 2024. Barakat, Maher & Partners in association with Clyde & Co acted as the lead legal advisers on all three issuances. 

Bedaya is a joint venture (JV) between EFG Hermes, GB Capital, and Talaat Moustafa Group. It is the first non-bank mortgage provider offering digital mortgage financing facilities and offers seamless mortgage financing solutions for clients looking to purchase residential and commercial properties in Egypt.

The Barakat, Maher & Partners in association with Clyde & Co team was led by partner Mostafa Elsakaa. He was supported by associates Walid Enany, Omar Mahmoud and Mahmoud Toraya. 

Mostafa Elsakaa comments: “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”.

Since the opening of the Cairo office in February 2023, the team has been a transactional powerhouse advising local and international companies on both the debt and equity sides of their transactions. This includes a number of complex merger and acquisition (M&A) transactions, private equity, anti-trust, competition, regulatory and corporate matters, JVs, restructurings, separations and carve-outs, together with initial public offerings (IPOs) and securitization deals. The team has proven capabilities in FinTech, venture capital, artificial intelligence (AI) and financial non-banking services. The Cairo office is also active in employment, cross-border disputes and arbitration.

With over 30 years of experience in the Middle East and Africa (MEA), Clyde & Co is one of the largest international law firms with over 80 partners and over 540 staff operating through 10 offices and associated offices in Abu Dhabi, Cairo, Cape Town, Dar es Salaam, Doha, Dubai, Jeddah, Johannesburg, Nairobi, and Riyadh. Clyde & Co supports international and local organisations throughout the wider region with a full-service offering of local specialists across most business sectors and services of law, including commercial, commercial disputes, corporate, cyber risk, data protection & privacy, employment & immigration, finance, global recoveries, insolvency & reorganisation, intellectual property, international arbitration, projects & construction, real estate, regulatory & investigations, and technology, outsourcing & data.