CFE Talk Heard

Mexico’s Comision Federal de Electricidad (CFE) is heard looking to pay TIIE+ 35bp for an up to MXP2.77bn ($202.7m) 3-year floater, with pricing expected on January 24. This will be done through a recently-renewed Bancomext-guaranteed trust to pre-fund subcontractors’ authorized expenses under a special infrastructure program. CFE issued under this program in early December, raising MXP1.358bn in 4-year bonds, pricing them at TIIE+35bp. Scotia is managing this transaction, rated AAA on a national scale.