Mexico City's future int'l airport operator issues 1st Fibra E

GACM, the state holding building a 186bn-peso (US$10bn) international airport for Mexico City, raised 30bn pesos through an offering of its first Fibra E securities, which will help finance construction.

Some 29.67bn pesos of the total were raised in Mexico, while the remaining 325mn pesos were raised abroad, according to the Mexican stock exchange (BMV).

The securities sold at a price of 100 pesos each.

Credit Suisse served as the underwriter for the global offering, and was joined by the brokerage units of CitiBanamex, Banorte, BBVA Bancomer, and Santander in the local offering.

State development bank Banobras was the structuring agent.

"The issue of the securities is not considered public debt, and it is not backed by the federal government," GACM said in a release.

According to the airport operator, the Fibra E investors will be entitled to a non-guaranteed performance to be paid through cash flows from passenger fees at the existing and future Mexico City airports.

GACM's Fibra E issue is the third to be launched in Mexico since the introduction of the tax efficient instrument in 2015, and the second securitization for an infrastructure project.

Afores show strong appetite

Mexico's pension fund managers, the Afores, purchased 80% of the GACM issue.

Afore Inbursa - a unit of Mexican tycoon Carlos Slim's financial group Inbursa - made the largest investment with 13bn pesos, according to local press reports.

CICSA, a construction firm owned by Carlos Slim, has secured some of the future airport's biggest contracts, including the one for the construction of its terminal.