October 2, 2013
Mexico’s Instituto Fonacot has priced MXP4bn ($304m) in secured domestic bo
Mexico’s Instituto Fonacot has priced MXP4bn ($304m) in secured domestic bonds, according to people familiar with the transaction. The 2018 bond priced at TIIE+38bp, and is backed by account receivables from consumer credits. The Mexican state-run lender plans to use proceeds for general corporate purposes. Actinver, BBVA Bancomer and Banorte-Ixe managed the transaction, rated AAA on a national scale. Infonacot last sold MXP1.95bn in unsecured 2016 bonds in April, getting a TIIE+20bp rate.