Digital Assets in Capital Markets

Advanced course on digital assets - assets created using a blockchain/DLT network - designed for finance professionals.

IBF-STS
8 CACS CPD Hours

15 November 2022 (Tuesday) | 9am-5pm

Credito Real reported revenues of MXN 3.1bn ($153mn) in 4Q2021 vs MXN 2.8bn ($136mn) in 4Q2020 and a net loss of MXN 359mn ($17.7mn) in 4Q 2021 vs a net profit of MXN $120mn ($5.8mn) during the same quarter in the prior year. Cash and cash equivalents stood at MXN 616mn ($30mn), down from MXN $1bn ($49mn) in 4Q2020. Debt-to-Equity ratio stood at 3.1x in 4Q 2021, unchanged from the same period in the prior year. The company bought back 10.8mn shares at market price, accounting to 2.9% of the total outstanding shares. Credito Real is in talks with creditors to restructure its debt in order to continue operating, after missing a payment of a CHF 170mn franc-denominated bond on February 16 . The company said that its working with Jefferies Financial Group Inc., DLA Piper LLP and FTI Consulting to develop a restructuring plan. Credito Real said, “The company seeks to achieve an orderly restructuring process that avoids burdensome legal proceedings, preserving the company’s value for all stakeholders, while a definite timeline depends on several factors, including creditors’ organization, the company will continue operating normally to the best of our abilities.”

Credito Real’s USD bonds were stable with its 8% 2028s trading at 19.628, yielding 54.4%

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