CFE Hits Local Market

CFE Hits Local Market

Mexico Bonds

Comision Federal de Electricidad (CFE) has raised MXP1.66bn ($128m) in Mexico’s domestic bond market, according to a person familiar with the terms. The 4-year bond issued through the Fideicomiso de Administracion de Gastos Previos (FAGP) trust pays TIIE+25bp. The state-owned utility uses the Bancomext-guaranteed FAGP trust to pre-fund subcontractors’ authorized expenses under a special infrastructure program that cannot be reimbursed before project completion. BBVA was sole lead on the transact

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