...Fideicomiso 80460 (the Mexico City Airport Trust or the trust) is a financing trust that has the benefit of an assignment of all airport passenger charges (TUA) generated by the existing Aeropuerto Internacional de la Ciudad de MTxico (AICM) airport. Originally, the plans were for the trust to benefit also from future TUA from the city's new airport (NAICM), the construction of which was cancelled in late 2018. The construction of the first phase of the NAICM was going to cost approximately $13 billion, funded by $6 billion of debt issued by the trust in 2016 and 2017, and $7 billion from the Mexican government, the airport's sponsor and concession holder. After the AMLO administration cancelled the construction, it released a cash tender offer for 30% of the amount of the debt outstanding, which majority of the bondholder accepted, and consequently, implemented in late December 2018. Along with the tender, the government announced its intention to amend the existing documentation for the...
