We make it possible for our clients to access significant funding, by designing financing mechanisms that go beyond traditional bank loans

We assist organizations on structuring diverse financial instruments, including bond issues, financial trusts, guaranty and administration trusts, as well as capital participations, taking our clients’ needs as well as investors’ requirements into account.

We have developed the largest number of public offerings of financial trusts in the country, and have deep knowledge of how agents who are key for successful capital market financing transactions operate.

Our methodological approach
The securities issuance process involves a complex set of activities and actors that have to be managed, which requires knowledge of financial techniques as well as risk management.  Additionally, the experience acquired in the practical implementation of funding mechanisms is relevant for securities issuance.

Issuance process activities in which CPA Ferrere acts as Financial Advisor or Structurer:

Structuring

• Definition and choice of alternatives.
• Tax, legal, financial and risk assessment.
• Drafting of contracts.
• Preparation of prospectus.

Processing

• Risk rating for issue.
• Filing of issuer with securities market registry.
• Filing of issue with securities market registry.
• Listing of issue on securities markets.

Placement

• Road show.
• Interest rate calibration for issue.
• Issuance and transaction closing.

Life of issue

• Trust administration.
• Rating update.
• Presentation of financial statements and reports required by rules.

Our experience
At CPA FERRERE, together with FERRERE Abogados, we have advised on issuance of the majority of financial trust offerings (and similar transactions, prior to enactment of the trust law) placed on the Uruguayan market since 2001.

We adapt our clients’ financial needs to capital market demands (particularly those of pension fund administrators). We conduct a solid financial and risk analysis geared to investor and risk rater requirements.

Our contribution goes beyond quantifying risk. We propose credit enhancement mechanisms to raise risk ratings to the standards required by the market.

We also have excellent relationships and communications with the chief institutional investors, which is essential for designing a product in line with their preferences.