November 20, 2013
Mexico’s Finmart is preparing to issue a domestic asset-backed note of up t
Mexico’s Finmart is preparing to issue a domestic asset-backed note of up to MXP800m ($62m), with a preliminary pricing date of December 6. The 5-year bond will be backed by payroll credits and will pay a spread to the TIIE benchmark. Banamex and Scotiabank are leading the transaction, rated AAA on a national scale. Finmart sold a 5-year MXP420m last year, pricing the ABS at TIIE+250bp.