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Mexico City, October 22, 2018.
The International Finance Corporation (IFC), a member of the World Bank Group, has extended a MXN$1,912 million (around US$100 million) loan to the Mexico Credit Opportunities Trust II (MEXCO II), a trust managed by Banco Credit Suisse (México) and is part of the Credit Suisse Asset Management business in Mexico to bolster the mobilization of resources to mid-sized enterprises with limited access to financing.
MEXCO II seeks to capture opportunities presented by structural inefficiencies in the Mexican credit market through investments in a diversified portfolio of alternative assets with debt-like characteristics and private equity.
“In Mexico, IFC promotes increased competition in the financing landscape through private equity funds, specialized lending institutions and microfinance players. With this transaction, we support a capital market instrument with high potential to be replicated in other countries with scarce access to finance,” said Ary Naïm, Country Manager of IFC México.
“We are very proud of this pioneering and innovative transaction. This financing from IFC allows us to meet the demand of mid-sized firms seeking long-term credit in Mexico,” said Andrés Borrego, Head of Credit Suisse Asset Management for Mexico.
Manuel Ramos, Chief Investment Officer of MEXCO II at Credit Suisse Asset Management added, “Together with the IFC, we structured a tailor-made loan for the trust, which will allow us to support more companies, resulting in a more diversified portfolio.”
MEXCO II was listed on the Mexican stock market in September 2015 under the symbol CS2CK, and has capital commitments from investors totaling MXN$12,750 million (approximately US$670 million). Banco Credit Suisse (México), S.A., the trust manager, has Grupo Financiero Credit Suisse (Mexico), S.A. de C.V., as a shareholder which is an entity that is 99% owned by Credit Suisse AG, one of the world's leading financial services providers.
The Credit Suisse Asset Management business in Mexico is a leading alternative asset manager in Mexico. The business has raised three trusts to date, with total committed capital of MXN$25,857 million, and total investment capacity of approximately MXN$40,400 million when considering the available leverage across the three instruments. The three trusts can invest in a variety of alternative assets including private credit, private equity, and commercial real estate lending.
This loan is part of IFC’s overall capital-markets strategy to help mobilize local institutional investors and deepen capital markets—with the aim of fostering economic growth in countries where access to capital is constrained.
About IFC
IFC - a sister organization of the World Bank and member of the World Bank Group - is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In FY17, we delivered a record $19.3 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity. For more information, visit
www.ifc.org
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Credit Suisse AG
Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit Suisse group of companies (referred to here as 'Credit Suisse'). Our strategy builds on Credit Suisse's core strengths: its position as a leading wealth manager, its specialist investment banking capabilities and its strong presence in our home market of Switzerland. We seek to follow a balanced approach to wealth management, aiming to capitalize on both the large pool of wealth within mature markets as well as the significant growth in wealth in Asia Pacific and other emerging markets, while also serving key developed markets with an emphasis on Switzerland. Credit Suisse employs approximately 45‘430 people. The registered shares (CSGN) of Credit Suisse AG's parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at
www.credit-suisse.com
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