MEXICO CITY – October 9, 2013 – Holland & Knight acted as deal counsel to Mexico’s INFONACOT (Instituto del Fondo Nacional para el Consumo de los Trabajadores), a government consumer lending agency for workers, in its US$304 million consumer loan securitization and US$115 million short-term note placement.
The securitization, which was placed in the Mexican Stock Exchange on October 3, is part of INFONACOT's funding strategy. The underwriters included Casa de Bolsa BBVA Bancomer, Casa de Bolsa Banorte Ixe and Actinver Casa de Bolsa. Due to Mexico's recent labor reforms, in July INFONACOT achieved a record amount of consumer loans and is projecting a total amount of US$1.568 billion for 2014 in placed loans.
As part of the new futures, INFONACOT is becoming a recurrent issuer on the Mexican local markets. In September Holland & Knight assisted INFONACOT in its placement of three short-term notes for a total amount of approximately US$115 million (FNCOT 613, FNCOT 713 and FNCOT 813).
"The futures of the new securitization structured allowed INFONACOT to obtain an AAA rating, which also reflected the maturity of INFONACOT as originator and servicer," said Holland & Knight partner Alejandro Landa.
Holland & Knight Mexico City partners Boris Otto and Alejandro Landa led the firm's representation of INFONACOT in each of these deals.
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