37284 - CAMESA PCG II

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Summary of Investment Information

Project Number

37284

Company Name

Consejo de Asistencia al Microemprendedor, S.A. de C.V., S.F.

Date SPI Disclosed

Sep 9, 2015

Country

Mexico

Region

Latin America and the Caribbean

Projected Board Date

Sep 16, 2015

Environmental Category

FI-3 - No Impact

Status

Completed

Last Updated Date

Jun 12, 2021

Department

Global Industry, Financial Markets

Industry

Financial Markets

Previous Events

Approved : Sep 14, 2015
Signed : Sep 15, 2015

Sector

Microfinance and Small Business - Non Commercial Banking

Project Description

Consejo de Asistencia al Microemprendedor, S.A. de C.V., S.F.P. (“CAMESA” or the “Company”) is an existing IFC Client that provides micro loans to over 360,000 active borrowers. CAMESA provides financing at the Bottom of the Pyramid (“BOP”) for the C and D socio-economic segments of the population. Through the proposed project, IFC will provide a Partial Credit Guarantee (“PCG”) of up to 50% of the amount of two bonds to be issued by CAMESA, to support the Company’s long-term issuance program and further strengthen its name in the local capital markets. In addition, since the bonds will be paying a variable interest rate to the bondholders, the proposed project also entails IFC providing interest rate swaps, from variable into fixed rate, to hedge the interest rate risk exposure.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management	0.76
Guarantee	11.90
Loan
Equity

IFC's loan to the financial institution described in this SII is targeted for on-lending to the following sector(s):

Product Type	Use of Proceeds
Guarantee	Loans to Microfinance Borrowers
Client Risk Management	Loans to Microfinance Borrowers

IFC's Definitions of Targeted Sectors can be found here.

Development Impact

1. Access to finance for micro entrepreneurs: The Project will support the availability and growth of finance to micro entrepreneurs in Mexico, particularly in high density sub-urban areas and mainly for women entrepreneurs in the C and D segments of the socio-economic population.

2. Development of the corporate debt capital markets: IFC''s PCGs support the development of the local corporate debt capital markets. In Mexico, the local capital markets still remain illiquid and difficult to access by corporate bond issuers except the largest and more established ones.

Strengthen CAMESA''s capital markets presence: Although this is CAMESA''s repeat bond issuance, the Company will still need IFC''s PCG in order to successfully place the bond and attract the target investor base.

Further diversify CAMESA''s investor base: IFC''s involvement in the subsequent issuances will provide the necessary rating enhancement to attract a broad investor base.

Provide access to longer term financing: These two PCGs will enhance two up to 3-year bond issuances, which are expected to be longer than the first one; thus, extending CAMESA''s access to longer term financing.

Interest Risk management through IFC''s Swap. IFC''s Treasury will swap CAMESA''s first and second issuance into fixed rate obligation.

E&S Category Rationale / Risks and Mitigation

This project involves support for the business of small and micro enterprises in Mexico. The overall portfolio risk is considered to be low, with limited adverse environmental and social impacts, and as such the project has been classified as Category FI-3 according to the IFC''s Sustainability Framework. The company is an existing IFC client (#33639 and #34538) and was required to implement an E&S Management System (ESMS) to screen its transactions against IFC’s exclusion list and the E&S regulations of Mexico. While the Client applies the IFC Exclusion List, it does not have a procedure to screen transactions against local E&S regulations. As part of this project, the Client will be required to amend its policies, prior to disbursement, to incorporate E&S risk screening in some of its transactions.

Contacts

For Inquiries About the Project, Contact

Federico Manzano Lopez
General Manager of CAME Group and CAMESA’s Board Member
Consejo de Asistencia al Microemprendedor S.A. de C.V, S.F.P.
Telephone: +52 55 53 403070 ext. 124
E-mail: mailto:fmanzano@came.org.mx

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This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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