IFC’s Support will Help VINTE Build Green and Affordable Housing for Low- and Middle-Income Families in Mexico
Washington, D.C., July 26, 2011—IFC is providing a 50 percent partial credit guarantee for a 100-million peso (about $8.4 million) bond issue by Mexico’s VINTE Viviendas Integrales, a company that specializes in affordable housing for low- and middle-income families. The transaction will support VINTE’s growth strategy.
“Green” and Eco-Friendly Housing
VINTE, an IFC client since 2008, is a leader in sustainable housing developments and has sold more than 8,500 homes in the last six years. It has become a model in Mexico for strong financial performance and technologically innovative housing products.
VINTE’s home prices make them attractive to young working adults, many of whom are first-time home buyers who grew up in Mexico City’s informal housing settlements with marginal access to clean water, electricity, sanitation, roads, schools, and parks.
VINTE enables its home buyers to measure and monitor electricity, gas, and water consumption. Each home is designed to reduce gas bills by 75 percent and is fitted with a special wall meter that allows residents to monitor water and energy use. By optimizing design and energy consumption, VINTE’s home buyers are helping to reduce their carbon footprint.
Mobilizing Local Currency in Domestic Bond Markets
IFC’s credit enhancement for the three-year bond received a local rating of Aa3.mx by Moody’s Investors Service and HR AA- by HR Ratings. Transactions such as these are part of IFC’s strategy to leverage its credit and enable clients to mobilize local currency in domestic bond markets.
VINTE’s bond program creates a presence for the company in the capital debt markets while tapping into longer term funding. The company’s second bond issue builds on the success of its first-ever bond issue in March 2011, also credit enhanced by IFC. Both bonds are issued under the company’s new bond program for an authorized amount of up to 1000 million pesos ($84 million).
In addition to supporting VINTE’s bond issue with partial credit guarantees, IFC is also a lender to the company and an equity investor.
Ludi Joseph Sr. Communications Officer, IFC Consumer and Social Services Manufacturing, Agribusiness, and Services Department Phone: 202-473-7700 Email: email@example.com