Dreny & Partners Advised Tamweel Mortgage On Its EGP 2.103 Billion Securitization Transaction
Dreny & Partners advised Tamweel Mortgage on its EGP 2.103 billion securitization under a multi-issuance program.
Dreny & Partners Advised Tamweel Mortgage on Its EGP 2.103 Billion Securitization Transaction
The leading law firm in Egypt, Dreny & Partners advised Tamweel Mortgage on the successful closure of its second securitization transaction under a multi-issuance program for its mortgage finance portfolio amounting to EGP 2.103 billion. This issuance forms part of a broader three-year multi-issuance program with a total value of EGP 5 billion.
The issuance was backed by a receivables portfolio originated by Tamweel Mortgage and comprised five tranches
- Tranche A: EGP 662,000,000, rated AA+ (sf)
- Tranche B: EGP 425,000,000, rated AA (sf)
- Tranche C: EGP 417,000,000, rated AA– (sf)
- Tranche D: EGP 342,000,000, rated A (sf)
- Tranche E: EGP 257,000,000, rated A– (sf)
All ratings were issued by Middle East Ratings and Investors Service (MERIS).
Al Ahly Pharos Promoting & Underwriting S.A.E and Beltone acted as the financial advisors and lead arrangers. The underwriters included Al Ahly Pharos, National Bank of Egypt, Banque du Caire, Banque Misr and Suez Canal Bank. Abu Dhabi Commercial Bank acted as custodian, and Suez Canal Bank served as bookrunner. Baker Tilly acted as the official auditor for the transaction.
The Dreny & Partners Capital Markets team included Metwaly Sweify (Senior Associate), Farah Younes (Junior Associate), and Hania Elgamal (Junior Associate).
From the Capital Market Procedures team, the transaction was supported by Nagy Ebeid (Senior Associate & Head of Capital Market Procedures) and Mohamed Youssef (Associate).
Dreny & Partners was established in 2018, with a mission to provide a full-fledged first-rate legal service for diversified clients; striving to become a leading law firm in Egypt by reaching practical and innovative legal solutions, delivering distinctive quality services to a wide variety of international and local clients, as well as government institutions, ensuring the success of their business from a legal standpoint.
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