Dreny & Partners Advised MLF Finance On Securitization Transaction Under Multi-Issuance Mortgage Program
Dreny & Partners advised MLF Finance on Securitization Transaction under Multi-Issuance Mortgage Program
The leading law firm in Egypt, Dreny & Partners advised MLF Finance on the successful closure of its first securitization transaction of its mortgage portfolio amounting to EGP 1.139 billion. The transaction forms part of a wider three-year multi-issuance program with an aggregate value of EGP 12 billion.
The issuance was backed by a receivables portfolio originated by MLF Finance and comprised four tranches: Tranche
- (A) valued at EGP 187,935,000 and rated (AA+); Tranche
- (B) valued at EGP 449,905,000 and rated (AA); Tranche
- (C) valued at EGP 341,700,000 and rated (A+); and Tranche
- (D) valued at EGP 159,460,000 and rated (A-) by Middle East Ratings and Investors Service (MERIS).
EFG Hermes Promoting & Underwriting S.A.E acted as the financial advisor and lead arranger to the transaction. National Bank of Egypt, Commercial International Bank (CIB), Banque de Caire, and EFG Hermes Promoting & Underwriting S.A.E acted as the underwriters. National Bank of Egypt also acted as the custodian, Banque de Caire served as the bookrunner, and KPMG acted as the official auditor to the transaction.
The Dreny & Partners Capital Markets team comprised Sherine El Menyawy (Senior Associate), Aya Khaled (Managing Associate), and Hania Elgamal (Junior Associate).
The Capital Markets Procedures team comprised Nagy Ebeid (Senior Associate & Head of Capital Market Procedures) and Mohamed Youssef (Associate).
Dreny & Partners is a leading, full-service independent law firm in Egypt that specializes in business and commercial law, with a strong focus on capital markets, banking and finance, and M&A. The firm, founded in 2018, is known for advising multinational corporations, governmental institutions, and financial entities on complex, high-profile transactions both locally and internationally. They are highly regarded for their expertise in innovative financial solutions, particularly in securitization and Islamic finance (Sukuk).
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