FINANCIAL INNOVATION - In Praise of Novelty

FINANCIAL INNOVATION - In Praise of Novelty

Mexico Corporate & Sovereign Strategy

Just as Latin America felt the effects Just as Latin America felt the effects of credit woes across the Atlantic, Empresas ICA managed a historic bond issuance in its domestic market. Mexico’s largest construction company brought to market a 7.1 billion peso ($518 million), 20.8-year project bond, in what observers billed as the first of its kind in the Latin American country. The bond backed by construction contracts was sold to banks and pension funds with the purpose of financing the construction of two federal, medium-security prisons. The ICA issue was a novelty in several ways. Never before had Mexicans created an infrastructure bond that securitized assets that had yet to

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