The outstanding assets under management of active securitization collective investment funds (FPCT) reached 17.8 billion dirhams (billion dirhams) at the end of 2023, an increase of 26.51% compared to the end of 2022, according to the Moroccan Authority of the capital market (AMMC).
Following the authorization of four securitization operations during the year 2023, the number of FPCTs in operation at the end of 2023 stood at 19, including 7 with compartments, specifies the AMMC in its annual report of the year 2023.
The four new securitization operations authorized in 2023 were financed by the issue, by the FPCT, of MAD 4.34 billion of shares and bond securities.
In addition, the year 2023 recorded the liquidation of three funds and two compartments in accordance with their respective management regulations, reports MAP.
The securitization operations authorized until the end of 2023 concerned the acquisition by FPCTs of different asset classes and the guarantee of financing risks by FPCTs (synthetic securitization). By type of securitization transaction, the outstanding amount comprises 28.62% of commercial receivables, distributed between two funds. Receivables resulting from consumer credit contracts represent 24.33% of the outstanding amount, distributed between four funds, including a fund with a compartment.
Mortgage debts represent 14.31% of the assets under management, distributed between three funds, including a fund with three compartments, while real estate assets total 14.11% of the assets under management, distributed between four funds, including two with compartments.
Financing risk guarantee operations represent 8.94% of the total assets under management and are distributed between two funds, including one fund comprising a compartment.
Concerning outstanding receivables arising from rental contracts (rental with purchase option – LOA) and loans, they represent 4.03% of the total outstanding under management and are carried by two funds, while the Debt securities denominated in foreign currencies represent 3.38% of the assets under management and are carried by a fund with a single compartment.
Furthermore, overdue debts represent 2.28% of assets under management, carried by a single-compartment fund.
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