Chihuahua Adds to Road Securitization

The Mexican state of Chihuahua has sold MXP1.3bn in ABS backed by highway tolls. The 2022 floating-rate issue pays the TIIE plus 290bp. It is the second from a MXP5.5bn shelf and follows the MXP4.2bn issue from November, which also pays TIIE plus 290bp. Value and Inbursa managed the sale, rated AA+ on a national scale and expected by the end of the year. Proceeds are marked for various public work projects, according to regulatory documents.