Veracruz State Securitizes Car-Tax

The Mexican state of Veracruz has sold $476 million worth (5.19 billion pesos) of local-currency securities backed by car-ownership tax receivables. The 30-year notes, denominated in local inflation-linked UDIs, pay a spread of 128bp over the 30-year UDI bond. The notes were placed by Vector Casa de Bolsa and Banorte. The issue was almost twice oversubscribed, according to the state finance ministry, with bids received totaling 10 billion pesos.