STRUCTURED FINANCE: Race to the Start Line

STRUCTURED FINANCE: Race to the Start Line

Mexico

The new certificados de capital de desarollo (CCDs) give Mexico’s pension funds the ability to invest in debt instruments that provide equity upside.“This is probably the most important change in the Mexican financing market that we’ve seen recently,” Mexico’s head of public credit Gerardo Rodriguez tells LatinFinance. Credit Suisse, which crafted the first such trade in a 2008 offering for AGSA, was heard in mid-October to be close to landing follow-up offerings for Wamex and Macquarie, and HSBC is brewing an offering for Grupo House and Geo Maquinaria.  Meanwhile, Marhnos Infraestructura was expected to place up to 2 billion pesos in 20-30-year paper t

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