ICA Lands First Mexican Domestic Project Bond

ICA Lands First Mexican Domestic Project Bond

Mexico Bonds Structured Finance

Two units of ICA have raised MXP7.1bn ($518m) to construct two prisons in what is being called Mexico’s first domestic market project bond. The 20.8-year deal is backed by contracts that ICA’s Sarre and Papagos units have with Mexico’s secretary of public safety to build and operate prison facilities. Bankers on the deal say it is the first time an infrastructure project bond has been completed in Mexico using assets that have yet to be built and that don’t yet generate any revenues. A peso-deno

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