Before the ink on a rival prospectus could dry, Deutsche Bank Securities registered with Mexican regulators a US$250 million shelf for local deals backed by foreign bonds. This follows a similar registration by Credit Suisse First Boston and Inversora Bursatil in an asset class that has yet to debut (see ASR 3/29, p.22). While they share a sector, the planned deals have some significant differences.
The CSFB-Inversora transaction is backed by one particular asset, a 10.375% 2009 bond issued by Mexico. Deutsche, in contrast, will draw from a much wider scope of bonds. Its program is open to any cross-border deals issued by Mexico and Mexican state companies, namely power giant Compania Federal de Electricidad (CFE) and oil company PEMEX.