MBIA Unit Files CCD

LatAm Capital Advisors, a subsidiary of MBIA, has filed to raise funds for an infrastructure investment vehicle in Mexico’s CCD market. The Administradora de Fondos de Infraestructura en Mexico vehicle plans to make investments of up to 30 years in different infrastructure areas in Mexico, over a 10-year period. The expected size of the transaction – generally a moving target throughout the long period of analysis and negotiation typical of CCD deals – has not been indicated. State-backed bank Banobras may buy up to 20% of the transaction, according to regulatory documents. It did the same in Macquarie’s MXP3.4bn CCD based infrastructure fund sold in December, the only such trade to close thus far. Banamex is managing the transaction.