Infonacot Preps MXP Securitization

Mexican state-run lender Instituto Fonacot plans to raise up to MXP2.5bn ($183m) in 3-year bonds, which it is aiming to issue on December 2. The consumer-loan backed bonds will pay a spread over TIIE. Scotia and BBVA Bancomer are managing the transaction, rated AAA on a local scale. Infonacot last visited the local market in 2010, paying TIIE+39bp on a 3-year bond, via the same leads.