In 2016, CIFI’s Board of Directors approved a new funding strategy, focused on the following pillars: (i) diversification, (ii) raising short-term funding and (iii) access to capital markets. As part of the execution of this strategy, CIFI engaged MMG Bank Panama to lead the registration of two debt issuing programs: (i) a $50 million dollars short-term commercial paper, and (ii) a $100 million dollars medium-term bonds in Superintendence of Securities and the Stock Exchange of Panama:
During 2017 and 2018, after engaging in meeting with institutional investors among them: banks, broker dealers and pension funds in Panama and El Salvador, CIFI issued approximately $150 million dollars (46% of its total funding) in debt securities with tenors ranging from 6 months to 7 years.
In August 2018, the Panama Stock Exchange awarded CIFI the distinction as Market Champion for Best Short-Term Bond Issuer, recognizing CIFI’s role in strengthening the development of Panama’s capital market and becoming a relevant issuer in the market.
CIFI aims to continue strengthening its role as a regional issuer in 2019 by:
1. Launching its first private placement bond issuing program in the Peruvian capital market.
2. Registering the first program of green bond issues in Panama and Costa Rica, following the Green Bonds guidelines established by International Capital Markets Association (ICMA).
Through these programs, CIFI aims to leverage its experience with the Performance Standards of the International Financial Corporation (IFC) and the Equator Principles in financial infrastructure projects applying the highest environmental and social standards.