Nissan Dealers Near Mexican ABS

Sistema de Credito Automotriz (Sicrea) is preparing to issue up to MXP1.25bn ($92m) through a domestic securitization, scheduled for May 23. The 2017 bond is backed by credit receivables and pays a spread to the TIIE benchmark. Sicrea is an association of Nissan dealers which provides credit for auto loans. ING is managing the transaction, rated AAA on a domestic scale. Sicrea last issued in 2007, when it priced MXP800m in 4-year bonds at TIIE+54bp.