The first Mexican peso deal guaranteed by a monoline priced May 30 and the results augur well for more full wraps. "It is encouraging," said Diana Adams, managing director of emerging markets at Ambac. Amounting to Ps1.94 billion (US$183 million), the 12-year transaction - a securitization of toll-road revenues - yielded an inflation-indexed 4.95% thanks to a surety provided by MBIA. More significantly, it came at a spread of 24 basis points over the government's 10-year UDI bono, massively tighter than any other structured deal rated triple-A on the Mexican national scale.

BBVA Bancomer was the structurer and lead placement agent; Deutsche Bank and Banc of America were co-issuers (see ASR 5/26, p.1). The originators of the deal are Promotora de Autopistas del Pacifico and Promotora y Administradora de Carreteras, units of infrastructure company Tribasa.

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