Chihuahua Starts Jumbo Road Securitization

Chihuahua Starts Jumbo Road Securitization

Mexico Bonds Structured Finance

The Mexican state of Chihuahua has priced a MXP12bn ($915m) securitization of toll road revenues, representing the first and largest portion of a three-tranche deal. The 25-year UDI-denominated tranche priced at 5.95%, or UDIBonos+236bp, according to people familiar with the terms. Raising funds to refinance liabilities and finance new projects, the state received some MXP12bn demand driven mostly by institutional investors keen on duration. Inbursa and Value managed the tranche, rated AA/AA on

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