Securitizadora Security (IIC-CH-L1101)

Countries
  • Chile
Where the impacts of the investment may be experienced.
Financial Institutions
  • IDB Invest
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Dec 6, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Securitizadora Security
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 50.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 50.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IIC website

Updated in EWS Aug 16, 2017

Disclosed by Bank Oct 28, 2016


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Project Description
The objectives of the project are to: i) contribute to the development of the local capital markets by supporting the securitization process of endorsable mortgage credits and housing leasing contract as a viable investment option for institutional investors; and ii) increase the sources of long term funding to mortgage and leasing originators, increasing the availability of housing finance for low and middle-income families and therefore supporting the reduction in housing deficit.The IDB and the IIC will provide to SSEC a secured revolving warehousing line of up to US$50 million with an availability period of 6 years and a tenor of up to 21 years. With the financing, SSEC will purchase and accumulate housing leasing contracts and endorsable mortgage credits for their further securitization in the Chilean capital market.
Investment Description
  • IDB Invest
Contact Information
ACCOUNTABILITY MECHANISM OF IIC The Independent Consultation and Investigation Mechanism (MICI) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an Inter-American Development Bank (IDB) or Inter-American Investment Corporation (IIC)-funded project. If you submit a complaint to MICI, they may assist you in addressing the problems you raised through a dispute-resolution process with those implementing the project and/or through an investigation to assess whether the IDB or IIC is following its own policies for preventing or mitigating harm to people or the environment. You can submit a complaint by sending an email to MICI@iadb.org. You can learn more about the MICI and how to file a complaint at http://www.iadb.org/en/mici/mici,1752.html (in English) or http://www.iadb.org/es/mici/mici,1752.html (Spanish).