SECURITIZATION Securitizadora SecurityS.A. is the local leader in mortgage-backed bonds outstandingissuance,withover15yearsofexperienceintheindustry. Securitizationallowsthetransformationoffutureflowsthatgeneratetypicallyilliquid assetsintoinstrumentsofpublicoffering.ThebondsissuedbytheSPV’screatedand managedbythesecuritizationcompanyaredividedintranches, withdifferent structuresandriskratings. AsofMarch2018,itmanages 9SPV’s,withover 13seniortranchesand 20 mezzanine tranchesplacedinthelocal institutionalmarket-mainlyInsurancecompaniesand PensionFundManagers(AFPs). Thecompanymanages USD150millioninmortgageassets,with USD106millionin seniorbonds. 29