Company name
BCONJCB 24
Project number
14880-01
FI-2 operations are those where the risk potential is considered medium: the FI’s current or future portfolio consists of or is expected to consist of, business activities that have potential limited adverse environmental or social risks or impacts that are few in number, generally site-specific, largely reversible, and readily addressed through mitigation measures; or includes a very limited number of business activities with potential adverse environmental or social risks or impacts that are diverse, irreversible, or unprecedented.
E&S category
FI-2
Country
Mexico
Sector
Financial Institutions
Status
Proposed
Disclosed date
04/26/2024
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
05/29/2024
Approval date
05/28/2024
Signed date
06/24/2024
Sponsoring entity
N/A
Investment Operations Department Contact
N/A
Investment type
Syndicated amount
N/A
Financing amount
USD $ 26,658,300
Currency
MXN
Project scope and objective
The Project consists of the subscription of a senior bond in local currency (MXN) issued in the Mexican public market by a new special purpose vehicle (“SPV”) (Issuing Trust BCONJCB 24) incorporated in Mexico. The bond is structured as an “Asset Backed Security”, which is backed by a portfolio of segregated loans from four originators (Program Participants)—underlying collateral is primarily integrated loans granted by the participating SOFOMs to debtors in the agricultural and agro-industrial sector in Mexico. The selection of both the originators and administrators of these portfolios and the eligible assets complies with broad criteria defined by the Trusts Instituted in Relation to Agriculture (“FIRA”). These criteria cover the evaluation from a loan origination and servicing perspective of the Participants, coupled with the credit risk criteria of the underlying loans and other credit quality items of the securitized loans.
The issuance to be subscribed by IDB Invest will have the following characteristics: (i) revolving period of 18 months (from the moment of issuance), during which the vehicle may acquire additional credit rights; (ii) issuance term of up to 5.5 years (66 months); and (iii) monthly interest payment.
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Contact information
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Client Contact
N/A
PHONE NUMBER
N/A
POST OFFICE ADDRESS
N/A
IDB Invest Contact
requestinformation@idbinvest.org
PHONE
+1(202)-566-4566
ADDRESS
1350 New York Ave NW, Washington, DC 20005
COUNTRY OFFICES
IDB Invest Country OfficesIndividuals or communities can submit complaints and concerns related to environmental, social, or corporate governance issues to the Management Grievance Mechanism by e-mailing mgm@iadb.org or by calling +1 202 312 4040.
As a last resort, affected communities have access to the IDB Invest Independent Consultation and Investigation Mechanism by writing to mecanismo@iadb.org or MICI@iadb.org or calling +1(292) 623-3952.
IDB Invest has zero tolerance to reprisal or retaliation against anybody who voices its opinion or opposition to IDB Invest-financed projects.
For inquiries, comments and information requests about the project
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Environmental and social review
IDB Invest conducts an environmental and social due diligence (ESDD) commensurate with the nature, scale, and stage of the project, and with its level of environmental and social risks and impacts. The ESDD will confirm the project E&S categorization and assess the project with respect to the client requirements in IDB Invest Environmental and Social Sustainability Policy. The results of the ESDD, including any identified gaps are described in the Environmental and Social Review Summary (ESRS) provided below. For projects approved as of 2016, any gaps with respect to IDB Invest's Environmental and Social Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) presented below, to comply with the date mentioned above.
BCONJCB 24 MEX SOFOMS 14880-01 ME-ESRS
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