Mexican Toll Road Nears Bond

The Monterrey-Saltillo toll road plans to raise up to MXP4.5bn ($345m) in Mexico’s domestic bond market on November 27. The concession is looking to offer UDI-denominated notes with a maturity of approximately 25 years, with proceeds repaying bank loans and subordinated debt with the government Fonadin fund. The toll road, owned by Spain’s Isolux-Cosan, has been operational for almost a year. Santander, ING and Bank of America Merrill Lynch are bookrunners on the transaction, rated AA/AA+.