The Mercado Alternativo de Renta Fija (MARF) has admitted to trading the first issue of Securitisation Bonds settled yesterday by the fund IM WANNA I. This is the first disbursement - for an amount of €1.8 million – in an open Securitisation Fund that has a maximum amount of €50 million. The Fund was incorporated on June 21st by Intermoney Titulización, SGFT and the company Nextgen Financial Services, as the originator and manager of the credit rights.
The credit rights that will become part of the Fund’s assets derive from consumer loans granted by the originator to individuals who reside in Spain and are earmarked to finance consumer activities in general, although some loans may be used for different purposes. In addition, they must meet the eligibility criteria established for the Fund, i.e the debtors must be clients of Fintonic, the nominal outstanding amount of the loans granted to each debtor must not exceed €10,500, the interest rate of the loans must be higher than 7% per annum, and after each transfer, the weighted average rate of non-default, transferred loans must not be less than 12% per annum, etc.
Periodically the Fund will issue Securitisation Bonds with a nominal value per unit of €100,000, an annual interest rate of 6% and whose amortisation will take place through nominal reductions beginning on December 31st, 2019. In any case, the Bonds must have been amortised before the maturity date of the Fund, December 20, 2025.
The Fund has been structured by Intermoney Capital Advisory. Acting as Placement Entity, Intermoney Valores SV will distribute the issues among qualified investors. Cuatrecasas, Gonçalves Pereira has advised the Fund Manager on the process of incorporation and registration of the Fund.
Nextgen Financial Services SL is a company that provides consumer loan solutions and credit lines to private customers domiciled in Spain and manages the process of granting, monitoring, collecting and recoverying the credit. Fintonic Servicios Financieros SL is a company that develops and operates a financial portal that offers its users various services in relation to their financial and personal data.