Finacity Facilitates MXN$800 Million Inaugural Consumer Loan Securitization Program for CREDITO REAL
Oct, 2017 by FinacityStamford, CT – October 31, 2017 – Finacity Corporation (“Finacity”) is pleased to announce that it has successfully facilitated and will serve as ongoing Master Servicer for the MXN$800 million inaugural consumer loan securitization program of Crédito Real, S.A. B. de C.V., SOFOM, E.R. (“Crédito Real”). The securitization was placed in the Mexican capital markets with a five-year tenor and is the first issue out of a MXN$10 billion program that will be secured by a portfolio of consumer loans that are deducted from the pensions and retirees of the Mexican Institute of Social Security (“IMSS”). The securitization has been assigned local AAA ratings by Fitch México, S.A. de C.V and HR Ratings de México, S.A. de C.V. Finacity acted as structuring agent and is responsible for ongoing program administration and reporting.
“Finacity’s expertise and guidance was instrumental in helping us achieve an optimal securitization structure with two local AAA ratings that has allowed us to access new long term funding alternatives in the Mexican capital markets. The transaction was very well received by the Mexican capital markets by pricing at the tight end of the range despite difficult market conditions and market volatility. This is a clear testament to the strength of the structure and of Crédito Real as originator. The reporting provided by Finacity gives transparency to the transaction and comfort to the market that someone of the caliber of Finacity is monitoring the portfolio on a daily basis to make sure it is complying with the eligibility criteria and designated levels of collateralization required by the investors and rating agencies.” said Carlos Ochoa, Deputy Chief Executive Officer and Chief Financial Officer. “We’re proud to have been involved in the inaugural securitization program of Crédito Real as it is one of the most important players in the consumer loan market in Mexico” said Finacity Managing Director Antonio Villa.
About Crédito Real
Crédito Real was founded in 1993 and since then it has become one of the leading providers of all types of consumer loans in Mexico with over MXN$26 billion in loans and coverage in Mexico, Central America and the USA. For more information, please visit www.creal.mx.
About Finacity Corporation
Finacity Corporation specializes in the structuring and provision of efficient capital markets receivables funding programs, state-of-the-art servicing, and bond administration. Finacity currently facilitates the financing and administration of approximately $100 billion of receivables annually. With resources in the USA, Europe and Latin America, Finacity conducts business throughout the world with obligors in more than 175 countries.
For more information, please contact Finacity Corporation:
Antonio Villa, Managing Director
Tel: +1-203-428-3510
Email: [email protected]