Geo Puts CCD on Ice

A Certificados de Capital de Desarollo (CCD) issuance from Geo Maquinaria in Mexico’s local market appears to be off the table, according to S&P, which has retracted the deal’s AAA rating on a national scale. “The issuance for up to MXP500m has not been placed due to a decision by the company,” the agency says. An IR official at Geo confirms the transaction is on hold at the moment, without offering additional detail. In one of the first CCDs registered last year after authorities defined the asset class, the machine rental unit of Mexican homebuilder Geo planned to sell the quasi-equity securities backed by receivables contracts. HSBC was managing the sale. Would-be issuers have found CCD markets slow going so far, owing to investor scrutiny. Only Red de Carreteras de Occidente, Wamex and Macquarie have managed to close so far.