Ideal Readies Novel Master Trust Securitization

Ideal, the Construction and Engineering firm controlled by Carlos Slim, is preparing to issue up to MXP11bn in bonds backed by future flows from a package of four toll roads. The issue will feature 2015 and 2036 fixed or floating-rate peso-denominated tranches, and a 2036 fixed-rate slice denominated in the UDI inflation-linked unit. The master trust includes the Champa-La Venta, Libramiento de la Ciudad de Toluca, Tijuana-Mexicali and Tepic-Villa Union roads. It is the first master trust in the Mexican market structured so additional roads can be added at a later date, according to a banker managing the transaction. The offer is expected in June. Credit Suisse and Inbursa are leading.