GANA Brings Back MXP ABS

GANA Brings Back MXP ABS

Mexico Bonds Structured Finance

An OHL subsidiary priced an MXP1.7bn 2031 UDI-denominated toll road securitization at par with a 6.64% coupon to yield 338bp over the 2025 Udibono benchmark. The pricing is in line with 6.60%-6.70% price talk for OHL Mexico’s Grupo Autopistas Nacional (GANA). The deal was only marginally oversubscribed, with MXP200m of extra demand. The proceeds will be used to repay financing that was used to fund the construction of a 123km toll-road from Puebla to Veracruz. The bonds, rated AA on a national s

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