Mercado Alternativo de Renta Fija (MARF) Admits The First Securitised Bond Issue

• The manager of the Securitisation Fund is Intermoney Titulización and Auriga acts as Global Coordinator
• This new tool offered by MARF helps small-sized companies to launch low-amount issues on the market.

The Mercado Alternativo de Renta Fija (MARF) has admitted to trading the two first tranches of the new Bonos de Titulización IM Auriga PYMES 1, the first securitisation issue on this market, with a value of €10 million. 

IM Auriga PYMES 1 is an open-structure fund that will permit pooling credit rights and the subsequent issuance of new Securitisation Bonds up to €500 million.

Intermoney Titulización SGFT acts as Fund Manager. The Structurer, Registered Advisor and Global Coordinator for the issue is Auriga Global Investors, SV. Cuatrecasas, Gonçalves Pereira has acted as Legal Advisor for the Fund.

The term of the issue is 4 years, and the securities ​​will yield a variable rate that is obtained by adding a 4% annual fixed (ordinary) rate – payable every six months - to an annual variable rate that is obtained by discounting the expenses associated with the revenue arising from the Fund’s activities.

As is mandatory on MARF, the subsequent issues on the market will be distributed among Spanish and foreign qualified investors and the nominal amount per bond will be € 100,000.

This first issue of Securitisation Bonds comprises credit rights arising from contracts signed by Finalter. The purpose of the issue is to finance and / or manage the collection of commercial credit rights linked to a wide variety of companies who initially owned them.

The launch of the Securitisation Bonds on MARF is a tool with considerable potential for smaller companies seeking funds in this market through this formula, as it opens the possibility of using it with amounts that are smaller than those that may be required for other single issues that are directly and individually launched by the issuer.

Issues carried out on MARF

(*) Maximum amount under the Programme