Putting Receivables to Work

Putting Receivables to Work

Mexico

Asset-backed bonds, especially those backed by future flows, have become popular among private sector issuers in Mexico. But Comisión Federal de Electricidad (CFE), Mexico's federal electricity monopoly, in April became the first public sector issuer to successfully raise money in the local capital market with a bond backed by receivables from its largest customers. The $210 million-equivalent certificado búrsatil wins LatinFinance's award for Asset-Backed Bond of the Year because it showed that structured financial products can provide a cheap and effective form of financing for public sector entities previously reliant on government funding. CFE's bonds had a 279-day

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