FARAC Retail Syndication Pokes Along (1)

FARAC Retail Syndication Pokes Along (1)


Retail syndication of a $3.7bn peso-equivalent loan for Mexico’s FARAC toll road concession is moving along slowly with little fanfare. Some MLAs want to reduce and are arranging to sell down portions of their holdings to new participants. The process is being coordinated by Santander but the syndication looks more like a secondary market sale than a unified process. Some of the leads, like Banobras, are not keen on reducing their ticket sizes. Once all the banks agree on reductions, they must a

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