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Bankers are set to start marketing this week a Green bond to help fund the construction and operation of Mexico City's new international airport, sources told IFR on Tuesday.
The bond, which is being issued through a special purpose trust, is expected to be the first of up to US$6bn of such trades, allowing the borrower to create an extensive curve over time.
Bondholders will be paid through cash flows collected from passenger charges from the current airport and the new Mexico City International Airport (NAICM) that will start operations in 2020.
"The overarching idea is to achieve a carbon neutral footprint," Henry Shilling, a senior vice president at Moody's, told IFR.
"Mexico has made a commitment to reduce greenhouse gas emission under the Paris agreement by 22% by 2030. The airport, which will be environmentally sustainable, reflects a follow-through on this commitment."
The new airport's sponsor is a state-owned company called Grupo Aeroportuario de la Ciudad de Mexico (GACM).
The issuer will visit accounts in Hong Kong on Friday and will then head to Singapore on September 12, to London on September 13 and 14, Boston on September 15 and Los Angeles on September 16. Roadshows will wrap up in New York on September 19 ahead of expected pricing.
Citigroup, HSBC and JP Morgan are acting as global coordinators, while BBVA and Santander are coming in as joint bookrunners. Expected ratings are Baa1/BBB+/BBB+.
