Fimubac’s $37 Million Securitization of Accounts Receivable


Kuri Breña, Sánchez Ugarte y Aznar advised Fimubac, SOFOM, E.N.R. in the transaction.

Fimubac executed the securitization of accounts receivable deriving from loans granted to financial institutions and loans granted to employees. The securitization was carried out through the issuance of trust certificates for an amount of MX$700,000,000.00 with a maturity of 4 years.

The issuance was made under a program authorized by the National Banking and Securities Commission for MX$2,000,000,000.

The transaction was rated HR AAA (E) by HR Ratings and AA (mex)vra by Fitch Mxico.

i-Structure acted as structuring agent and Casa de Bolsa Banorte and CI Casa de Bolsa as placement agents.

Incorporated in 2008 and based in Tijuana, Mexico, Fimubac, SOFOM, E.N.R. provides loans, financial leasing, and financial factoring services.

The transaction is innovative because it is the securitization of two types of receivables; credits directly granted to employees and retirees who pay the credits through discounts to their pensions and salaries that are made by their employers, and credits granted to institutions that grant loans to employees. The transaction was made under a complex structure that includes a master trust agreement that administrates the monetized receivables.

Kuri Breña, Sánchez Ugarte y Aznar advised Fimubac, SOFOM, E.N.R. with a team including Daniel Kuri Breña Romero de Terreros (Picture), Álvaro Sarmiento Lapiedra and Miguel Vallejo Guerra.

Greenberg Traurig Mexico acted as counsel to the rating agencies.

Involved fees earner: Daniel Kuri Breña Romero de Terreros – Kuri Breña Sánchez Ugarte y Aznar; Alvaro Sarmiento Lapiedra – Kuri Breña Sánchez Ugarte y Aznar; Miguel Vallejo Guerra – Kuri Breña Sánchez Ugarte y Aznar;

Law Firms: Kuri Breña Sánchez Ugarte y Aznar;

Clients: Fimubac;