The mutual health care provider Asociación Española successfully issued its 2nd Financial Trust for 210 million UI (Indexed Units approximately equivalent to USD 23 million), with FERRERE as legal advisor for the structuring. Investor demand amply exceeded the debt issued, reaching UI 381 million. The instrument was a very interesting option for investors, with a yield higher than that on Government Bonds and with a low associated risk.

The debt instruments issued by the Trust will be repaid with credits assigned by Asociación Española against the National Health Fund (FONASA).

In turn, the debt instruments are guaranteed by the financial trust Fondo de Garantía IAMC, consisting of resources coming from General Government Revenue.

The risk rater CARE Calificadora de Riesgo S.R.L. assigned it a risk rating of A (uy), as a low risk instrument.

The debt instruments are at a nominal annual rate of 6%, with monthly payments in 180 equal, consecutive installments, with one year’s grace on capital as from the issuance date.

The Trust’s auction process was innovative in that it consisted of two tranches: a competitive tranche (geared primarily to institutional investors, and a noncompetitive tranche (geared to retail investors). The competitive tranche was offered on the electronic stock exchange BEVSA (Bolsa Electrónica de Valores S.A.), where institutional investors bid by price. Following the competitive tranche auction, the average price of a percentage of bids received was determined. That average was the price at which the debt instruments were offered in the noncompetitive tranche, on the BVM securities exchange (Bolsa de Valores de Montevideo).