State of Mexico Leads Jumbo MXP Refinance

State of Mexico Leads Jumbo MXP Refinance


Capitalizing on upgrades and market opportunity, State of Mexico is wrapping up the final phase of a MXP27bn debt refinance which extends duration and slashes the price on most liabilities. The amortizing deal in 20, 25 and 30-year tranches, with roughly a third of the amount in each, has an average duration of 12.5 years. The weighted average spread is 48bp over 28-day TIIE. “Right now, we are at TIIE plus 170bp, so you can see the benefit of having a [new] bank credit,” State of Mexico’s finan

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