Top-rated Mexican municipality Guadalajara came to market Dec. 6 with a Ps800m (US$78.6) deal backed by federal co-participation revenues. Santander and Citibank co-led the issue, which priced 140 basis points over 90-day Cetes, at the wide end of price talk. It is backed by federal co-participation revenues, an asset class widely used by Mexico's subnational entities.

Standard & Poor's and Fitch Ratings rated the deal AAA' on the national scale. The deal has pushed out the country's debt profile, given that the previous debt load was comprised of short-term credits.

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