The Mexican state of Chihuahua is skimming the excess flows from two outstanding toll-road ABS and doling that risk out to retail investors, apparently the first deal of its kind in the peso market, according to a few sources.

Capped at Ps1.8 billion (US$157 million), the 10-year transaction will feed off the overflow of two deals amounting to Ps2.5 billion (US$218 million). Pricing has been set at 295 basis points over the highest of either Cete Treasuries of up to six months or the benchmark TIIE of up to six months. The bond was set to launch Aug. 13.

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