A ubiquitous sector in Latin America's cross-border arena has gone local. In a deal that signals the return of a structured finance pioneer, a unit of Mexican retail giant Grupo Elektra is securitizing fees on electronic money transfers.
Digital cash is old hat among Brazilian banks tapping U.S. dollars, but it's untouched in Mexico's peso market. Dinero Express, which zaps money between 813 branches, has a Ps2.6 billion (US$232 million) program of eight-year paper in the works. The program covers existing and future receivables. Monterrey-based investment bank Value is the placement agent, and financial consultancy Axan is the structurer. Irurita Abogados provided legal counsel.