August 23, 2013
Issuers are taking advantage of a brighter outlook for Mexican infrastructure
The attention now being paid to Mexico and its likely growth
story has lifted several asset classes and provided opportunities to issuers.
Mexico’s state of Chihuahua raised
12 billion pesos ($915 million) this week through a 25-year ABS, the
first part of what could be a 15 billion peso transaction.
Toll road securitizations were already an important part of
the local bond market, and more are set to arrive. Concesionario de la Autopista
Monterrey-Saltillo (CAMS) is in
the September pipeline.
Investors are betting on long-awaited growth, boosted by a
shift in competitiveness and a US recovery. It is still expected to pick up,
through many have been tapering expectations, especially after a revision this
week of the government’s own forecasts.