Mortgage-Backed Securities Due Diligence
The Project consist of the issuance by Banco de Comercio's of a mortgage-backed security (the "Bond Issue") for an amount of US$50 million. The Bond Issue will benefit from an IDB partial credit guarantee ("PCG") of up to US$20 million (40% of the Bond Issue). Proceeds from the Bond Issue will contribute to the funding of Banco de Comercio's mortgage lending program. The PCG will provide an external credit enhancement to the Bond Issue in order to obtain the required credit rating. Placement of this bond will: i) provide funding at terms consistent with the long-term nature of mortgage lending; ii) support the development of secondary mortgage markets; and iii) make available new investment opportunities to institutional investors.

Project Detail

Country

El Salvador

Project Number

ES-T1005

Approval Date

October 2, 2003

Project Status

Closed

Project Type

Technical Cooperation

Sector

FINANCIAL MARKETS

Subsector

FINANCIAL MARKETS

Lending Instrument

BID Invest

Lending Instrument Code

IIC

Modality

-

Facility Type

-

Environmental Classification

-

Total Cost

USD 280,962.00

Country Counterpart Financing

USD 130,968.00

Original Amount Approved

USD 149,994.00
Financial Information
Operation Number Lending Type Reporting Currency Reporting Date Signed Date Fund Financial Instrument
ATN/FG-8460-ES Non-Sovereign Guaranteed USD - European Euro Spanish Framework - General Cooperation Nonreimbursable
Operation Number ATN/FG-8460-ES
  • Lending Type: Non-Sovereign Guaranteed
  • Reporting Currency: USD - European Euro
  • Reporting Date:
  • Signed Date:
  • Fund: Spanish Framework - General Cooperation
  • Financial Instrument: Nonreimbursable