Mexican microfinance institution Banco Compartamos, S A, Institucion de Banca Multiple has issued local bank bonds (certificados bursatiles bancarios) amounting to MXN 2 billion (USD 147 million) in the local debt capital market. The bonds, which have a five year tenor and an interest rate 85 basis points above the 28-day TIIE (tasa de interés interbancaria de equilibrio or interbank equilibrium interest rate), were rated “mxAA” by Standard & Poor’s and “AA(mex)” by Fitch Ratings. The issuance was oversubscribed 1.78 times.
Founded in 1990, Banco Compartamos offers loans, savings and insurance products in rural and urban areas. The company made its initial public offering (IPO) in 2007 on the New York and Mexican stock exchanges in a transaction worth USD 467 million. As of June 30, 2011, Compartamos reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 1 billion, a gross loan portfolio of USD 992 million, return on assets (ROA) of 18.3 percent and return on equity (ROE) of 37.8 percent. It reported approximately 2 million active borrowers in its interim results as of June 30, 2011.
By Kristha Abores, Research Associate
About Banco Compartamos:
Banco Compartamos is a microfinance bank based in Mexico that was founded in 1990. It offers group and individual loans in rural and urban areas. Banco Compartamos provides loans to low-income people for business and home improvement purposes. It also offers voluntary savings and insurance products. The company made its initial public offering (IPO) in 2007 on the New York and Mexican stock exchanges in a transaction worth USD 467 million.
As of June 30, 2011, Compartamos reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 1 billion, a gross loan portfolio of USD 992 million, return on assets (ROA) of 18.3 percent and return on equity (ROE) of 37.8 percent. It reported approximately 2 million active borrowers in its interim results as of June 30, 2011.
Banco Compartamos, S A, Institucion de Banca Multiple, the parent company of Compartamos, also has holdings in Guatemala and Peru.
Sources and Additional Resources:
[1] CNBC: “Compartamos Banco Issues Long Term Debt”, http://www.cnbc.com/id/44631327/Compartamos_Banco_Issues_Long_Term_Debt
MicroCapital.org article, July 25, 2011, “MICROCAPITAL BRIEF: Compartamos of Mexico Completes Acquisition of Majority Stake in Financiera Créditos Arequipa (Financiera Crear) of Peru”, https://www.microcapital.org/microcapital-brief-compartamos-of-mexico-com…
MicroCapital.org article, July 22, 2011, “MICROCAPITAL BRIEF: Mexican Microfinance Provider Banco Compartamos Reports Q2 Earnings, Net Profit Growth of 17% to $46m”, https://www.microcapital.org/microcapital-brief-mexican-microfinance-prov…
MicroCapital.org article, February 25, 2011, “MICROCAPITAL BRIEF: Banco Compartamos of Mexico Reports Flat Net Profit For Q4 as Staffing Level Rises 33% in One Year”, https://www.microcapital.org/microcapital-brief-banco-compartamos-of-mexi…
MicroCapital Universe Profile: Compartamos Banco, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Compartamos+Banco
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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