Sicrea Reopens ABS

Sistema de Credito Automotriz (Sicrea) has reopend its 2017 domestic bonds backed by trade receivables, to raise MXP450m ($34m), according to people familiar with the transaction. The issuer reopened the bond at 100.30, to offer TIIE+150bp. In its initial deal, it priced MXP1bn of the 2017 bonds at TIIE+160bp, and returned for a MXP300m retap in October last year at TIIE+157bp. Proceeds from the new retap are destined for general corporate purposes. Actinver managed the sale, rated AAA on a national scale. Sicrea is an association of Nissan dealers which provides credit for auto loans.