Banobras Buys Into Macquarie CCD

Mexican development bank Banobras plans to acquire up to 20% of Macquarie’s new infrastructure fund – which is about to be listed in Mexico through the sale of Certificados de Capital de Desarollo (CCD) – Alonso Garcia Tames CEO of Banobras, tells LatinFinance. It is the first such allocation by the state infrastructure development bank, but Garcia Tames says it falls within Banobras’ mission of supporting infrastructure projects, and calls it a “very attractive investment.” “[CCDs] are a very good investment, and will access resources that are now being channeled into other areas,” he says of the asset class as a whole. Macquarie is in the final stages of negotiating the CCD with investors, bankers on the deal say, and should price before the end of the year. It is targeting a size of up to MXP10bn, according to regulatory documents, at 10 years maturity, according to bankers. Credit Suisse is leading the Macquarie transaction. CCDs, issued by the Farac road concession and Wamex so far this year, are instruments listed on Mexico’s bond markets that offer equity-like exposure to investors, principally domestic pension funds.