CCD Issuers Closing In

Issuers looking to price CCDs in Mexico’s domestic market are optimistic that a few deals can price in the coming weeks, including a Promercap fund as soon as this week. The private equity fund is said to be “a matter of days” away from closing, according to people following the transaction. The exact size has not been finalized, though the deal is expected at a similar size to previous private equity CCDs, at about MXP1.0bn-MXP1.5bn. Credit Suisse is managing the transaction for the PE firm founded by Fernando Chico Pardo. Also waiting in the wings is an infrastructure fund from LatAm Capital Advisors, a subsidiary of MBIA, through Banamex. It is heard aiming for the first week of August. Two real estate-focused deals are then seen following, as Prudential Mexico looks to close a 10-year deal of up to MXP6.5bn through BBVA, and AMB finalizes a MXP3.3bn 10-year transaction through Banamex and Actinver. Several others are also in the pipeline, including private equity fund CCDs from Darby and Protego. With institutional investors pooling resources to study deals, issuers have had to wait several months to close transactions, though as more price the turnaround time is gradually decreasing, participants say.