TMM Plans Local ABS

Mexican maritime logistics provider TMM plans to issue a MXP10.5bn ABS July 27, according to a banker at Value Casa de Bolsa, which is managing the transaction. The 2030 bonds, rated AA on a national scale, would pay a spread over TIIE and were planned to replace MXP9bn in 3 outstanding service contract receivable securitizations. They will also be used to refinance smaller bank debt and working capital. In the largest and most recent of the 3 prior deals, TMM sold MXP4.39bn in 2028 bonds at TIIE plus 219bp in July 2008. TMM has a fleet of boats servicing offshore oil rigs, in addition to other transportation and port operation business lines.