Moody’s also notes that the average term of the issues decreased, in line with current financial conditions and with the underlying assets of the portfolios, mostly related to consumption.
Among the most relevant originators are household appliance houses and fintechs (companies that apply new technologies to financial and investment activities), and in recent quarters a growth in emissions associated with Collection Rights and Infrastructure and Energy has been observed.
On the other hand, among the largest trustors in the last year, the following stand out: Megatone SA (17.1%), Mercado Libre (14.6%), CFN (financial de Santa Fe, 13.9%), Cencosud (7.5 %) and Carsa (Musimundo, 5.2%).
Trust rates, meanwhile, remain stable in the range of 35% -45% for senior tranches, according to data from the National Securities Commission. “In a context of minimum rates at fixed terms and an unchanged monetary policy, the average TNA (nominal annual rate) remains stable and no significant changes are expected in the remainder of the year“, evaluated the rating agency.
He warned, however, that “although economic activity is showing a recovery in line with improved sanitary conditions, there is strong macroeconomic uncertainty associated with financial and exchange conditions.”
In the coming months, he pointed out, the emission levels will depend on the impact that the different pre and post election scenarios may have on the evolution of said conditions, “which affect both the origination capacity of securitizable assets and market conditions. local financial “.
Source From: Ambito
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