Fonacot Places Loan Securitization

Mexican state-backed lender Fonacot has placed MXP1.5bn in domestic bonds backed by its consumer loans. The 2012 notes pay TIIE plus 82bp, according to regulatory filings. Proceeds from the securitization of 235,000 consumer loans will go toward strengthening Fonacot’s ability to make new loans. Scotia managed the sale, rated AAA on a national scale. It is the fourth issue from a MXP7.65bn shelf.