Engen Capital placed a MXN 2,000 million securitization on BIVA backed by its portfolio of loans and leases, in a floating-rate tranche and a fixed-rate tranche.
Key terms
- Issuer: Engen Capital, through a trust with Banco Actinver as trustee
- Exchange: BIVA
- Date: May 5, 2026
- Amount: MXN 2,000 million
- Collateral: Term loans and finance and operating leases
- Tranches: ENGENCB 26: MXN 1,000 million at TIIE de Fondeo + 2.00%. ENGENCB 26-2: MXN 1,000 million at fixed 10.58%
- Structure: About 5.5 years, maturing October 25, 2031: 30 revolving months followed by 36 months of amortization
- Ratings: HR AAA (E); AAA.mx (sf) Moody’s Local
- Common representative: Monex
Our take
This is the structure that lets a mid-sized originator borrow at AAA levels: a revolving period to keep the trust fully invested, a turbo amortization period afterwards, and strict eligibility criteria and overcollateralization. The same toolkit applies to real estate: trusts that pool lease agreements or receivables from sales can access the capital markets on the strength of their cash flows.
Sources: HR Ratings; BIVA, aviso de oferta.
Congratulations to Engen Capital and to everyone who made this placement possible.
Information from public sources. The mention does not imply Borax Capital’s participation in the transaction.
This content is for informational purposes only and does not constitute investment advice or an offer of securities.
