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Bus Securitization Finally Arrives

May 29, 2013

IAMSA has priced a MXP3.5bn ($276m) securitization in Mexico's domestic bond market, clinching the deal after two previous attempts during the last six months. The 2028 notes backed and guaranteed backed by the bus operator's 1,480 buses and future ticket sale revenues priced at 8.90% or Mbonos+420bp, in line with company expectations and wider than the Mbono+390bp it has sought earlier. Demand reached1.03x, with approximately 17 accounts participating, including Afores and insurance companies, according to people familiar with the process. The bond has a duration of 5.9 years and average life of 8.4 years. IAMSA is raising fund to refinance debt. Actinver, HSBC, and JPMorgan and Finamex managed the sale, rated AAA/AA minus on a national scale. IAMSA elected to hold off in November 2012, after not reaching a Mbonos+390bp-area pricing target, and again in February when demand was insufficient to get the size it wanted. [...]

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