IFC Emerging Market Securitisation Programme (EMSP II) 

MOBILIST made an equity investment in the second issuance of the International Finance Corporation’s (IFC) Emerging Market Securitisation Programme (EMSP), following its investment in the programme’s inaugural issuance in 2025.  

The EMSP transaction demonstrates how securitisation can turn IFC-originated emerging market loans into rated, publicly listed notes that institutional investors understand and can invest in. Its importance lies in creating a familiar investment structure around less familiar underlying assets, giving investors exposure to diversified emerging market credit through notes that look and operate like instruments already used in mainstream asset allocation. 

A key feature of the transaction was the listing of the notes on the London Stock Exchange, which helped position the instrument within a recognised public-market infrastructure and made the securities more accessible to global public capital market investors that require listed, rated instruments. By combining IFC’s origination platform with a capital markets format familiar to institutional investors, the EMSP transaction helped bridge the gap between emerging market development finance assets and the requirements of global public markets. 

MOBILIST’s participation alongside IFC in the EMSP transactions helped build confidence in the structure and support broader investor participation. With the two EMSP transactions, this approach brought in co-investment of over £500m, demonstrating the potential for repeat issuances to mobilise institutional capital into emerging market credit while supporting IFC’s ability to recycle capital into new development finance activity. 

Read the detailed EMSP case study and explore more research on scaling securitisation through the MOBILIST Securitisation website.