Holcim Quietly Closes Peso ABS

Holicm’s Mexican unit Holcim Apasco priced just before the holidays a MXP950m trade receivables securitization. The 2013 notes pay TIIE plus 170bp, and were 1.2x subscribed, according to a banker on the sale. Proceeds are marked for repaying debt and general purposes. HSBC managed the sale, rated AAA on a national scale. The trade was the first from a MXP2bn program.