brac-prices-new-microcredit-securitisation

BRAC prices new micro-credit securitisation

Citigroup participates in interesting new capital markets structure from Bangladesh.
July 06, 2006
On Thursday July 8 BRAC completed a BDT12.6 billion $180 million micro-credit securitisation. RSA Capital was the lead arranger, while Citigroup, Netherlands Development Finance Company FMO, and Germany's KfW Entwicklungsbank were co-lead arrangers on the deal.

BRAC, the Bangladesh-based non-government organisation, closed the triple-A rated deal, backed by receivables from micro-credit loans to individuals in rural Bangladesh.

This transaction is denominated in Bangladesh taka and will provide an aggregate of BDT12.6 billion $180 million of financing for BRAC over of six years. Under the programme BDT1 billion $15 million will be disbursed every six months to BRAC, with a maturity of one year.

The securitised pool of micro-credit...
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