While the cross-border market has shifted into overdrive, Mexico has slowed down. Partly to blame are the summer doldrums and the fact that some of the deals in the pipeline are backed by new assets, which take longer to structure. But for two of these, at least, regulators appear to be at the root of delays, according to sources.

One is a CLO for the Federal District, the heart of Mexico City. Structured by Citigroup, that deal is being held up on documentation issues. The initial issue off a Ps5 billion (US$471 million) program is sized at Ps2.5 billion (US$236 million). The deal will be a securitization of a loan from Citigroup, with payments coming in the form of federal co-participation revenue flowing to the Federal District (see ASR 5/26, p.23).

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