July 29, 2013
Mexico’s Instituto Fonacot is planning to sell MXP4bn ($315m) in domestic A
Mexico’s Instituto Fonacot is planning to sell MXP4bn ($315m) in domestic ABS August 27. The 2018 bond will offer a spread over the TIIE benchmark, 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 are managing the transaction, rated AAA on a national scale. Infonacot last sold MXP1.95bn ($161m) in 2016 bonds in April, getting a TIIE+20bp rate.