Grupo Mundial CL

completed

The proposed project consists of a long-term credit facility (the Facility) for up to $40 million to fund the origination of mortgages of Banco Panameño de la Vivienda S.A. (Banvivienda or the Bank), which will meet certain eligibility criteria in the low and middle income housing market. The transaction will be structured as a Mortgage Backed Credit Line. The Facility will be secured by the underlying mortgage assets held in a bankruptcy remote Trust or suitable Special Purpose Vehicle. Banvivienda was founded in 1981 by a group of investors led by Aseguradora Mundial S.A. (Aseguradora Mundial or the Insurance Company). After a consolidation process in 2005, Grupo Mundial Tenedora S.A. (Grupo Mundial or the Group) was founded as the holding company of Banvivienda and Aseguradora Mundial. Grupo Mundial currently has a 99.77% shareholding in the bank. The Facility would help Banvivienda to: - match its mortgage portfolio origination at a time when there is growing demand for mortgage products, serving as a catalyst for Banvivienda; - address the lack of long-term funding for the low to middle income segments of the residential mortgage market in Panama; and - support the development of a standardized new asset class to be further securitized.