Summary of Proposed Investment
Project Number
24434
Company Name
RB Capital Companhia de Securitização
Date SPI Disclosed
Jan 30, 2006
Country
Brazil
Industry
Financial Markets
Projected Board Date
Feb 28, 2006
Status
Completed
Sector
Secondary Mortgage Institutions
Department
Global Industry, Financial Markets
Environmental Category
C - No Impact
Previous Events
Approved : Jun 19, 2006
Signed : Jun 26, 2006
Invested : Aug 12, 2005
Project Description
The project involves provision of an IFC guarantee (or the economic equivalent thereof) with a value of up to 50 million Brazilian Reais (approximately $22 million at current exchange rates) to a Brazilian bank (Banco ABN AMRO Real S.A.), in order for the latter to make long-tenor, local currency-denominated financing available to Rio Bravo Securitizadora S.A. (RBSec or the Company).
RBSec is one of the leading residential and commercial real estate securitization companies in Brazil. Its principal business activities include:
- Origination of residential and commercial real estate receivables from entities that make primary financing available to home purchasers and other end-users of real estate;
- Subsequent securitization in CRI format of the relevant real estate receivables which it originates, and placement of the resultant CRI''s with Brazilian domestic capital market investors (CRI''s, or Certificados de Recebíveis Imobiliários, are effectively the Brazilian equivalent of mortgage-backed securities); and
- Acting as a master servicer for CRI transactions.
RBSec will utilize proceeds of the BRL50 million financing from Banco Real which is supported by the IFC guarantee to acquire local currency-denominated residential real estate receivables from eligible developers, banks, and other sellers of such assets. Thus, the IFC Project is intended to help RBSec to further expand its residential real estate receivable origination, securitization, and housing finance-related securities placement activities.
RBSec is one of the leading residential and commercial real estate securitization companies in Brazil. Its principal business activities include:
- Origination of residential and commercial real estate receivables from entities that make primary financing available to home purchasers and other end-users of real estate;
- Subsequent securitization in CRI format of the relevant real estate receivables which it originates, and placement of the resultant CRI''s with Brazilian domestic capital market investors (CRI''s, or Certificados de Recebíveis Imobiliários, are effectively the Brazilian equivalent of mortgage-backed securities); and
- Acting as a master servicer for CRI transactions.
RBSec will utilize proceeds of the BRL50 million financing from Banco Real which is supported by the IFC guarantee to acquire local currency-denominated residential real estate receivables from eligible developers, banks, and other sellers of such assets. Thus, the IFC Project is intended to help RBSec to further expand its residential real estate receivable origination, securitization, and housing finance-related securities placement activities.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Mr. Nicholas Reade, Chief Executive Officer
Rio Bravo Securitizadora S.A.
Av. Chedid Jafet 222,
Bloco B, 3º andar
04551-065 São Paulo - SP
Brazil
Tel 5511-2107-6655, or 2107-6684
Rio Bravo Securitizadora S.A.
Av. Chedid Jafet 222,
Bloco B, 3º andar
04551-065 São Paulo - SP
Brazil
Tel 5511-2107-6655, or 2107-6684