#CARRETERAS DE CUOTA EN MEXICO DRIVERS#

The majority of the Mexico highways is made up of carreteras, which are the undivided (literally no lane dividers) or divided two-lane highways, often without shoulders as I describe below.

#CARRETERAS DE CUOTA EN MEXICO DRIVERS#

All Rights Reserved.Driving in Mexico, like anywhere really, can be nerve-racking-but no more or less nerve-racking than driving in the states, especially in California the drivers in California are murderous. With that rule lifted in Mexico, investors will be able to buy directly into the collateral that CSFB and Deutsche are repackaging.Д¬opyright 2004 Thomson Media Inc. Usually these kinds of bond programs in Latin America seek to profit from arbitrage opportunities linked partly to rules barring local investors from investing overseas. Credit Suisse First Boston and Deutsche Bank Securities both registered shelves backed by cross-border paper. 'From now until December, we're changing our systems ,' said Afore XXI's Rodriguez.Д«y opening up the previously forbidden foreign market to Mexican investors, regulators might inadvertently suffocate a nascent quasi-CDO industry in the country. New rules timed to take effect later this year will allow the funds to allocate up to 20% of their fixed-income portfolio in paper denominated in dollars, euros and yen. Hipotecaria Nacional is expected to be registering its first RMBS shortly.ДЇarther down the road, local originators may face more competition for investor pesos as the door to foreign markets opens for Mexican pension funds. Combined, these issuers have about Ps1.8 billion (US$164 million) prepped for the market. The consensus was that it will be more difficult for fixed-rate deals to entice investors, even from such top-notch credits such as Mexican state mortgage provider Infonavit and credit agency Fonacot, which both tapped the fixed-rate curve in the first quarter.ДЄmong issuers stuck in the pipeline until the storm blows over are toll-road operator Carreteras Cuota Puebla, housing developer Casas Beta, real estate finance company Credito y Casa and sub-sovereign Oaxaca.

'I don't think investors can stay out the market too much longer, but their appetite for long-term paper has clearly fallen.'ДЄnd once issuance does return, floating-rate paper will reassert its historical dominance, sources said. 'I think issuers are starting to shorten their horizons,' said one Mexico City-based banker. For structured issuers in the pipeline with maturities beyond five years, a window is not coming anytime soon. Ten-year, fixed-rate Treasurys shot up roughly 130 basis points from early May to June. Investors have been parking their funds in short-term deposits and floating-rate government paper to ride out the volatility, which has slammed long-term paper particularly hard. 'We're going to be in this climate for a while,' said one investor. Moreover, there's no meaningful pickup in sight. So far this quarter, not one transaction has closed. That brought the combined deal count in the fourth quarter of 2003 and first quarter of 2004 to 20, for a total of Ps19.8 billion (US$1.7 billion). The perfectly timed last hurrah came on March 31, when Corporacion Geo issued an accounts receivable deal for Ps172 million (US$15 million) via Banorte. 'Pension funds are much more cautious,' he added. 'This is the end of the cycle of easy money,' said Tonatiuh Rodriguez, head of investment at Afore XXI, a pension fund party controlled by Prudential International Investments Corporation, with Ps28 billion pesos (US$2.5 billion) under management. were bound to seep south, but the severity of buyside retrenchment from structured paper, nonetheless, is startling, given the bustling previous two quarters and the still-growing pipeline. The interest-rate fears besetting the U.S. Over the last two months a spring chill has gripped ABS issuance in Mexico, jeopardizing the country's reputation as the hottest domestic market in the emerging world.

Carreteras de cuota en mexico