Financing Innovation of the Year

Financing Innovation of the Year

Mexico M&A Bonds Corporate & Sovereign Strategy

Organización Soriana Swap-Embedded LoanWhen Mexican retailer Organización Soriana agreed to buy rival Controladora Comercial Mexicana (CCM) for 39.2 billion pesos ($2.68 billion) two years ago, it set out to raise funds at the lowest cost possible. By the end of that year, it had in hand 5.04 billion pesos on which it paid just 43 basis points over Mexico's floating-rate benchmark, the TIIE. The loan, a 49-month swap-embedded facility from Japanese lender Mitsubishi UFJ Financial Group (MUFG), was cheaper than both its local market bonds and financing from a local lender.The innovative structure of the loan — including a delayed disbursement and a floating rate in a different curre

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