Financiera Independencia sells Mexico’s first microfinance ABS

Financiera Independencia sells Mexico’s first microfinance ABS

Structured Finance

Mexican lender Financiera Independencia issued the country’s first securitization backed by microfinance loans on Thursday, LatinFinance understands. The MXN1.5bn ($113m) 4-year floating rate note has a 2.3 year average life and was priced at 220bp over the TIIE. The securitization is backed by loans to small businesses and consumers, and thought to be the first of such a structure in Mexico. Private banks, mutual funds, insurance companies and bank treasuries are understood to have been the mai

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