June 1, 2003
Mexico's federal electricity commission, Comisión Federal de Electricidad (CFE) became the first public sector entity in Mexico to issue an unsecured asset-backed bond in the local market on April 25. The $210 million, peso-denominated certificados búrsatiles have a 279-day maturity and are structured as a revolving purchase of assets. ING (México) Casa de Bolsa structured, lead-managed and placed the bond with 24 institutional investors in Mexico. Eduardo Andrade, head of the Mexican Energy Association, says the bond, "is an important advance in the government's efforts to establish the peso market as a source of funds for infrastructure projects. If we can finance projects w
Mexico's electricity commission issues a bond backed by receivables from its corporate customers. The bond is the first unsecured asset-backed bond from a government entity.