Veracruz Returns for Local Securitization

Veracruz Returns for Local Securitization

Mexico Bonds Structured Finance

Veracruz has returned to Mexico’s domestic bond market, addressing a small bit of its refinancing needs with a MXP4.86bn ($369m) three-tranche securitization of future federal payment flows. Though the issuer raised less than it could have, bankers and other states are hopeful the transaction signals a reopening for sub-sovereign entities to issue in the local market. A MXP1.86bn 2027 fixed-rate peso-denominated tranche with an 11-year average life pays 8.90%, or Mbonos+300bp. A MXP700m 2027 flo

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