Mayab Set for Securitization

Concorcio de Mayab plans to raise up to MXP4.5bn ($351m) in Mexico’s domestic bond market today, according to sources familiar with the sale. The ICA-owned concession operator plans a 2034 peso-denominated tranche with an 11.3-year average life, with size of the tranche not to exceed 40% of the total issuance, and a 2034 UDI-denominated portion with an 11.7-year average life and no size limit. The bonds are expected to pay a spread of 400bp-area to their respective benchmarks, according to a person familiar with the transaction. The bonds are backed by Kantunil, Merida-Cancun toll road revenues. The borrower is looking to finance a road project in the Playa del Carmen region and to repay existing debt acquired by Mayab before it was purchased by ICA in 2008. BBVA Bancomer, HSBC, Inbursa and Morgan Stanley are managing the transaction, rated AA/A2 on a national scale, with Morgan Stanley and Cofinza as structuring agents.