Egypt - Bidaya Home Finance, one of the companies of the Financial Group Hermes, is preparing to complete the second issuance of securitization bonds, with a value close to EGP 1bn.

Iman Raouf, a partner in Al-Derini & Partners, said that Bidaya Home Finance is in the process of issuing a securitization bond transaction at a value of EGP 958m as a second issuance within the multi-issue securitization bonds program at a value of EGP 3bn.

Raouf added to Daily News Egypt that EFG-Hermes plays the role of the sole financial advisor for the issuance, while Al-Dereni Office and Partners plays the role of legal advisor.

She explained that the issuance is in the process of obtaining final approval from the Financial Regulatory Authority (FRA), and is expected to take place during the current week, explaining that the issuance is secured by a real estate financing portfolio.

The company launched the first version of the program last June, with a value of EGP 651m, in eight tranches. The value of the first tranche is EGP 22.22m, for a period of 13 months, and the second tranche, with a value of EGP 22.22m, for a period of 24 months.

As for the third tranche, it’s worth EGP 88.9m, and a period of three years, while the fourth tranche, with a value of EGP 226.69m, with a duration of 84 months.

The fifth tranche, at a value of EGP 84.45m, with a duration of 115 months, and the sixth tranche, with a value of EGP 20.67m and a duration of 12 months.

The seventh tranche, with a value of EGP 102.32m, for a period of three years, and the eighth tranche, with a value of EGP 83.71m and a duration of 84 months.

The company launched earlier last year the first application and electronic platform for non-banking real estate financing solutions and services in the Egyptian market, which will result in making the package of real estate financing services provided by the company available to various customers easily and quickly.

The application will allow users to calculate the estimated cost of their real estate financing needs, and will also allow customers to upload the required documents and pay fees, in addition to browsing the list of approved projects to choose the property they are interested in without the need to submit additional documents related to the project. These services are also easily available on the company’s website, which is designed to be compatible with all operating systems on computers, tablets, and various smartphones.

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