SIPyT Preps MXP ABS Debut

Servicios Integrados de Pasaje y Turismo (SIPyT), a unit of Mexico’s Inversionistas en Autotransportes Mexicanos Servicios (IAMSA), is preparing to issue up to MXP3.5bn ($251m) in the domestic bond market. The 15-year securitization is to be issued in UDIs or pesos as soon as July, and would be a debut debt issuance. The bonds will be backed by its bus fleet and receivables from bus fleet operations. Santander is managing the deal, rated AAA on a national scale. Crecimiento Programado is structuring agent.