Sicrea Reopens MXP Bonds

Mexico’s Sistema de Credito Automotriz (Sicrea) has sold MXP300m ($23m) in the local bond markets. The reopening of its 2017 receivable-backed domestic bonds priced at TIIE+157bp, inside of the TIIE+160bp level of the original sale. The transaction saw about MXP700m in demand, with some 70% of the participants repeat investors, according to a source familiar with the transaction. ING managed the transaction, rated AAA on a national scale. Sicrea, an association of Nissan dealers which provides auto loans, sold MXP1bn of the bonds in the original deal.