Rio Bravo Securitizadora CLG

completed

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.