Invex Preps Acapulco Tunnel Revenue Securitization

Mexico’s Invex bank is preparing to place MXP1.25bn in 2033 bonds backed by revenues generated by the TUCA tunnel concessionaire in Acapulco. The definitive date has not been set, but a sale of the AA+ rated notes linked to the 182-day TIIE could occur as soon as March 14. TUCA has operated the Tunel de Acapulco under a 40-year concession since opening in 1996. The last TUCA securitization was an MXP800m issue in 2005. Value Casa de Bolsa is managing the sale.