STAMFORD, Conn., Nov. 01, 2018 (GLOBE NEWSWIRE) -- Finacity Corporation (“Finacity”) is pleased to announce that it has successfully facilitated and will serve as ongoing Master Servicer for the MXN$615 million 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 second issue of a MXN$10 billion program that will be secured by a portfolio of consumer loans that are deducted from the payrolls of public sector teachers by the Mexican Treasury (“TESOFE”). 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.
“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 the first securitization of consumer loans done in Mexico since the Mexican elections in July 2018 and a clear testament to the strength of the structure and of Crédito Real as originator and leading player in the consumer loan market,” said Carlos Ochoa, Deputy Chief Executive Officer and Chief Financial Officer.
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$34 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.
For more information, please contact Finacity Corporation:
Antonio Villa, Managing Director
Tel: (203) 428-3510
avilla@finacity.com