RCO Reopens Mexico Road Securitization Market

RCO Reopens Mexico Road Securitization Market

Mexico Bonds Structured Finance

Mexico’s Red de Carreteras de Occidente (RCO) has raised MXP8.12bn ($624m) in the Mexican bond market, pricing at the upper end of its MXP6bn-MXP8bn size objective after seeing 1.6x demand. In the first deal of its type in nearly a year, the concession operator priced a MXP2.84bn 15-year peso-denominated tranche with an 11-year average life at 9.0%, or Mbonos+340bp. A separate MXP5.28bn 20-year UDI-denominated portion with a 14-year average life came at 5.25%, or Udibonos+332bp. Investors and an

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