A toll road deal tooled into Mexico's domestic market last week. Placement agent Interacciones led a transaction totaling 195 million inflation-indexed units ($65 million) for the stretch of highway linking the cities of Tenango and Ixtapan de la Sal in the state of Mexico. With a 17-year final maturity, the deal priced at 6.75%. Grupo Tribasa, a giant of the transportation sector, operates the toll road. Fitch Ratings rated the deal AA+(mex) on the national scale. The deal closed last Tuesday.
The Tenango-Ixtapan highway pulled in Ps80 million in toll road revenue in 2004. Flows for the first half of this year totaled nearly Ps50 million.
Elsewhere in Mexico, state agency Infonavit is readying an RMBS worth 395 million UDIS ($109 million) via joint leads BBVA Bancomer and Inversora Bursatil. According to a preliminary prospectus, the deal has a 20-year final maturity and is rated triple-A on the national scales of Fitch and Standard & Poor's.
The RMBS marks the third off a program totaling Ps5.2 billion ($479 million). It has a subordination level of 22% and will be backed by a pool of 9,604 loans worth Ps1.8 billion. The average weighted yield of the collateral is 8.02%. Infonavit originated the underlying loans between January and July of 2004. Infonavit will be its own servicer and there is no back up. Payments to loans granted by the agency are automatically deducted from a borrower's paycheck, a major strength of all its RMBS deals.
Infonavit, Mexico's largest mortgage originator started issuing mortgages in tandem with private lenders last year in co-financing arrangements that are expected to proliferate (see ASR 10/3/05).
Finally, Mexican consumer lending company Compartamos closed a five-year Ps310 million deal on Oct. 3. The transaction carried a partial guaranty from the International Finance Corp. and priced at 117 points over 28-day TIIE. Fitch and S&P rated the deal double-A on their respective national scales. Sole lead was Citigroup unit Acciones y Valores.
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