MBIA has made a debut placement off its Mexican shelf, the first issuance program a guarantor has set up in pesos. The kickoff deal, for toll road operator Promotora y Administradora de Carreteras (Pacsa), came to 1.5 billion UDIS ($500 million), with 1.1 billion in senior notes wrapped by MBIA. That's just a nick in the five-year shelf, which is capped at Ps25 billion ($2.3 billion).

The program speaks to MBIA's desire to streamline the structuring and placement of deals, generate liquidity for its transactions, and work closely with issuers. "It gives us access to the market in a very short time," said Eugenio Mendoza, head of Latin American business at MBIA. "In Mexico, the approach is that we're structuring our own deals."

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