Wednesday, 24 August 2022 15:45

Caja de Crédito de Sonsonate obtains US$15 million in financing through the Stock Exchange

Written by Coralia Cuellar // Evelyn Alas

A new Securitization Fund arrives to the Salvadoran stock market, Caja de Crédito de Sonsonate has been financed through the Stock Exchange for an amount of US$15 million.

This morning the placement of Series A and B of the Caja de Crédito de Sonsonate's Securitization Fund was successfully completed in the primary market, totaling US$7.8 million.

 
"We congratulate and welcome Caja de Credito de Sonsonate, who trusted in the stock market financing through the Stock Exchange and in Ricorp Titularizadora as structurer and administrator of this Securitization Fund. This is its first time in the market and we hope that its experience will be totally satisfactory and that we will soon have it making new issues. This is one more example that the Salvadoran stock market is a competitive alternative for obtaining funds for the country's diverse productive sectors",  said Valentin Arrieta, General Manager of the El Salvador Stock Exchange.
 
 
Remo Bardi, Executive Director of Ricorp Titularizadora reinforced that "Caja de Crédito has maintained constant growth, diversifying its sources of financing, thus venturing into financial instruments through the salvadoran securities market. We thank Caja de Crédito de Sonsonate for trusting Ricorp Titularizadora as the structurer of the securitization".
 
 
The president of Caja de Credito de Sonsonate, Juan Recinos, says that "With the passing of time and adapting to the challenges of the new social and economic reality, we have been meeting objectives that have allowed us to grow and strengthen our equity, allowing Caja de Credito de Sonsonate to grant loans with significant amounts and for a large number of economic sectors. To date, Caja Credito Sonsonate has a loan portfolio of US$112 million, with participation in different economic sectors. This amount in credit portfolio has been achieved thanks to the trust of the members, who have financed their life projects with Caja Sonsonate funds, and who have also maintained a growing and stable deposit portfolio over the years. We would also like to thank our financial providers for their trust, and of course RICORP TITULARIZADORA, who have joined our list of funders through this securitization".
 
 
Patricia de Magaña, General Manager of SGB, in charge of the placement, saidd that "This new investment alternative that has been launched, allows the clients of Servicios Generales Bursatiles and the market in general, to offer a new financial instrument which is enjoying great acceptance. Investors received very well this new issue, whose characteristics make it attractive and a very good option for the diversification of their investment portfolios".
 
Lafise Valores Casa de Corredores de Bolsa is the Representative of the Holders of Securitization Securities under the Securitization Fund of the Caja de Crédito de Sonsonate, an important figure that provides security and protects the interests of investors.
 
Securitization in our country has become an efficient funding tool that allows companies to obtain financing by selling or assigning in exchange for cash those assets of the company that are likely to generate income in the future. "Over the years, securitization has allowed different productive sectors to obtain resources to carry out new projects, especially the private sector. Since 2010, when Securitization began in our country, more than US$1,609 million have been channeled", Valentin Arrieta concluded.