October 2019 by Finacity
Stamford, CT – October 25, 2019 – Finacity Corporation (“Finacity”) is pleased to announce that it has successfully facilitated a MXN$750 million consumer loan securitization program of Crédito Real, S.A. B. de C.V., SOFOM, E.N.R. (“Crédito Real”). The securitization was placed in the Mexican capital markets (CREL19CB) with a five-year tenor 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 will serve as Master Servicer responsible for all ongoing program administration and reporting.
“This is the third securitization in the last three years that we have placed in the Mexican capital markets with the invaluable support of Finacity. Our securitization program has become an important funding source that has allowed us to become a frequent issuer in the Mexican capital markets and to continue to diversify our funding needs and to give us access to long term funding in local currency,” said Claudia Jolly, Treasurer for Crédito Real.
“The transaction was very well received by the Mexican capital markets by pricing at 10 basis points below the low end of the range and being over 1.2x oversubscribed. This is a clear testament to the strength of the structure and of Crédito Real as originator. The track record of 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,” continued Jolly.
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$41 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 on our company, please visit www.finacity.com. Finacity is part of the Greensill family of companies.
Greensill is a leading provider of working capital finance for companies globally. Founded in 2011, Greensill provides businesses with alternative sources of funding, allowing them to provide suppliers with the opportunity for faster payment, while at the same time preserving their own capital position. The company is headquartered in London with offices in New York, Frankfurt, Chicago, Miami, Singapore, Sao Paulo, Mexico City, Johannesburg, Sydney, Warrington and Bundaberg. Greensill provides Working Capital Finance facilities to customers across Europe, North America, Latin America, Africa, and Asia. The company owns Greensill Bank, which was founded in Bremen, Germany in 1927, has a suite of proprietary Supply Chain Finance Funds run by world leading fund management organisations, acquired Finacity in June 2019, and works with dozens of institutional investors that together provide stable funding. Greensill will provide more than $150 billion of financing by end of 2019 to more than 8 million customers and suppliers across more than 165 countries. For further information, please visit greensill.com.
For more information, please contact:
Antonio Villa, Managing Director
Tel: (203) 428-3510