- FHIPO Fideicomiso Hipotecario (Mortgage Trust) completes successful Primary Global Offer of Real Estate Investment Trust Stock Certificates
- This instrument belongs to a new type of assets and it's the first of its kind in Latin America
MEXICO CITY, Nov. 5, 2014 /PRNewswire/ -- Today, the first trust intended for the acquisition and management of mortgage loans in Mexico was successfully listed on the Mexican Stock Exchange ("BMV").
Fideicomiso Hipotecario completed the successful Primary Global Public Offer of Real Estate Investment Trust Stock Certificates (CBFIs), with ticker code "FHIPO", for a total amount of 345,000,000 certificates, considering over-allocation and optional certificates.
38.5% of the Global Offer was conducted on the Mexican Stock Market ("BMV") while the other 61.5% was offered to rated institutional investors in the international markets in accordance with Rule 144A and Regulation S.
The amount offered in Mexico was $3,324,750,000.00 pesos, whereas the amount offered abroad was $5,300,250,000.00 pesos, both cases considering an over-allocation and optional certificates. The placement price per Real Estate Investment Trust Stock Certificate was $25.00 pesos, giving an amount of the Global Offer of $8,625,000,000.00 pesos. "FHIPO's" placement was distributed among 973 investors, including one pension fund manager.
Fideicomiso Hipotecario's Initial Portfolio will consist of 5,544 mortgage loans originated by the Federal Housing Fund ("INFONAVIT"), located in approximately 32 Mexican states and will be secured by a mortgage on real estate allocated to residential properties with an average credit term of 114 months or nine and a half years. These mortgage loans have an original total balance of $1,077,071,164.00 pesos. 55% of the initial portfolio will belong to "FHIPO".
This new type of assets will be the first instruments in Latin America similar to mortgage Real Estate Investment Trusts, which are traded in the United States. Unlike Investment and Real Estate Trust, the returns won't come from leases of real estate property, but from the payment of interests on mortgage loans and other resources from liability leases.
Fideicomiso Hipotecario will apply the net resources from the Primary Global Public Offer to the payment of the purchase of the Initial Portfolio. It also contemplates to use the remaining amount of the funds to acquire new co-participation rights in mortgage loan contracts originated by the Federal Housing Fund ("INFONAVIT").
"FHIPO" will invest in housing mortgage loans through the acquisition of credits or through co-participation in mortgage loans contracted with large mortgage originators. "FHIPO" also foresees the possibility of entering into acquisition contracts with several large mortgage loan originators and brokers, which include banks engaged in the mortgage sector, full-service banking institutions, housing developers, credit unions and other mortgage agents.
The Lead Brokers in México were Casa de Bolsa Credit Suisse (México), S.A. de C.V., Grupo Financiero Credit Suisse (México); Casa de Bolsa Banorte Ixe, S.A. de C.V. Grupo Financiero Banorte and Casa de Bolsa BBVA Bancomer, S.A. de C.V., Grupo Financiero BBVA Bancomer.
About FHIPO, Fideicomiso Hipotecario
FHIPO is a Mexican trust constituted on July 3, 2014, for the purposes of acquiring, originating, co-participating in, managing and providing services related to mortgage loan portfolios in Mexico.
Fideicomiso Hipotecario will be managed and advised externally by Concentradora Hipotecaria, S.A.P.I. de C.V., which will be responsible for managing the business and the day-to-day operations. Concentradora Hipotecaria, S.A.P.I. de C.V. was Incorporated recently by professionals with broad experience and knowledge of the Mexican mortgage market.
About BMV Group
BMV Group is a fully integrated Exchange Group that operates cash, listed derivatives and OTC markets for multiple asset classes, including equities, fixed income and exchange traded funds, as well as custody, clearing and settlement facilities and data products for the local and international financial community.
BMV is the second largest stock exchange in Latin America with a total market capitalization of over US$ 530 billion.
Contact:
Daniela Rocchi Guzman
T: +52 (55) 5342 9069
drocchi@bmv.com.mx
