Holland & Knight Represents INFONACOT in Landmark Securities Offering
MEXICO CITY (September 12, 2014) – Holland & Knight represented Mexico’s INFONACOT (Instituto del Fondo Nacional para el Consumo de los Trabajadores), a government consumer lending agency for workers, in the registration of a $10 billion pesos (approx. US$769 million) debt program and its first $1.7 billion pesos (approx. US$130 million) debt issuance of certificados bursátiles in the Mexican Stock Exchange.
The AAA-rated issuance was placed on September 11 by Actinver Casa de Bolsa, CI Casa de Bolsa and Casa de Bolsa Finamex. The landmark offering is the result of several Mexican financial reforms, including the law of INFONACOT (Ley del Instituto del Fondo), which eliminated previous restrictions on the agency to issue debt. The issuance comes along with the 40th anniversary of the institution.
“We are proud to have supported INFONACOT since the proposal of the amendment of its law until its first debt issuance in the Mexican Stock Exchange,” says Holland & Knight partner Alejandro Landa Thierry. “Furthermore, the registration of INFONACOT’s $10 billion pesos program as a recurrent issuer shows how sophisticated a financial entity it has become,” he said.
Holland & Knight Mexico City partners Boris Otto and Alejandro Landa Thierry led the firm’s representation of INFONACOT with the assistance of associates Christian Turégano and Maria Serna.