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IFMR Capital: Securitizing Microloans for Non-Bank Investors

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Columbia Business School has developed a case study documenting the background and the story behind the launch of IFMR Trust Pioneer II, the first rated microfinance securitization transaction to be placed with the capital market investors. Prof. Suresh Sundaresan, Chase Manhattan Bank Professor of Economics and Finance at Columbia University authored this case with the help of the IFMR Capital team. The case study will be used as part of the coursework at Columbia Business School this May and will be available, thereafter, to purchase from the Columbia CaseWorks website.

The case discusses how IFMR Capital adopted the structured finance approach to create new funding options for microfinance institutions. The case analyses the launch of IFMR Trust Pioneer II to answer questions related to the appropriate transaction structure for non-bank investors, leveraging existing market infrastructure, alignment of interests of the stakeholders, and scalability of the microfinance securitization model.

The case abstract is available here.

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  1. My congratulations to the IFMR Capital team on this. I understand that the case is going to be discussed for the first time on April 10th at the Columbia Business School.

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