Barakat, Maher & Partners in association with Clyde & Co advises Capital for Securitization

Barakat, Maher & Partners in association with Clyde & Co has successfully advised Capital for Securitization on the securitization bonds issuance for EGP 1,415,500,000, in consideration for the mortgage portfolio of Bedaya Mortgage Finance Co. (Bedaya), approved by the Financial Regulatory Authority on 10 October 2024.

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This issuance is the second of its kind within a programme of an aggregate value of EGP 3 billion, which comes off the back of the successful closure of our advisory on the first issuance on 29 December 2023 with a value of EGP 843 Million.

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

Bedaya is a joint venture between EFG Hermes, GB Capital, and Talaat Moustafa Group—being the first non-bank mortgage provider offering digital mortgage financing facilities. Bedaya 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 Elsakka who was supported by associates Walid Enany, Omar Mahmoud, and Mahmoud Toraya.

Mostafa Elsakka comments: “It’s been our pleasure to have continued our role as the legal advisors to Bedaya on this transaction. With the same efficiency witnessed in the first issuance, our capital markets team played an outstanding role in closing this transaction withstanding all challenges and delivering the best results for our client.”

Since the opening of the Cairo office in February 2023, the team has been a transactional powerhouse in Egypt advising local and international companies and institutions on both the debt and equity sides including a number of complex merger and acquisition (M&A) transactions, private equity, anti-trust, competition, regulatory and corporate matters, joint ventures (JVs), restructurings, separations and carve-outs together with initial public offerings (IPOs) and securitization deals and 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.