Financiera Independencia, a Mexican microfinance institution (MFI), has announced the successful placement of unsecured certificados bursatiles (notes) with an aggregate principal value of MXN 1.5 billion (USD 128 million). The funds generated by the sale will be used to increase lending, pay expenditures related to branch network expansion, pay down debt and cover “general corporate purposes.” The notes have a three-year maturity and will pay an interest rate of 265 basis points above the TIIE 28, the 28-day “Interbank Equilibrium Interest Rate” in Mexico. The identity of the buyer or buyers was not disclosed.
The notes have been rated “A(mex)” by US-based Fitch Ratings and “HR A” by Mexico-based HR Ratings. Grupo Financiero Actinver of Mexico served as the coordinator and bookrunner for the placement.
By Rohan Trivedi, Research Associate
About Financiera Independencia:
Founded in 1993, Financiera Independencia is a Mexico-based financial institution that offers loan products including CrediPopular, which is aimed at self-employed individuals; CrediMama, which is directed at mothers who have at least one child under the age of 18; CedrInmediato, which is oriented towards corporate clients; and CrediConstruye, comprising loans for the financing of home construction and improvements. Additionally, the company provides a range of life and health insurance policies. As of 2010, Financiera Independencia reportedly had a loan portfolio of USD 467 million. As of December 31, 2010, Financiera Independencia reported to the US nonprofit data provider Microfinance Information Exchange (MIX) return on assets (ROA) of 5.3 percent, return on equity (ROE) of 16.1 percent and approximately 1.4 million borrowers.
Sources and Additional Resources:
[1] Financiera Independencia Press Release: “Financiera Independencia Announces Successful Closing of Ps. 1,500 million Medium Term Certificados Bursatiles”, http://www.findep.mx/images/informacionfinanciera/en/eventosrelevantes/2011/05172011.pdf
MicroCapital.org story, May 19, 2011: “MICROCAPITAL BRIEF: Mexican Microfinance Institutions (MFIs) Credito Real, Financiera Independencia Report Brisk Bond Sales”, https://www.microcapital.org/microcapital-brief-mexican-microfinance-institutions-mfis-credito-real-financiera-independencia-report-brisk-bond-sales/
MicroCapital.org story, March 29, 2010: “MICROCAPITAL BRIEF: Financiera Independencia, a Mexico-based Microfinance Institution, Sells $200m in Senior Guaranteed Notes to the International Market”, https://www.microcapital.org/microcapital-brief-financiera-independencia-a-mexico-based-microfinance-institution-sells-200m-in-senior-guaranteed-notes-to-the-international-market/
MicroCapital Universe Profile: Financiera Independencia, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Financiera+Independencia
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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