Bimbo Bond Goes Down a Treat
Mexican baked goods company Grupo Bimbo achieved its pricing goals Wednesday when it sold an $800m 10-year bond that some argue came virtually flat to its underlying curve after building a book that reached $6bn in size. This comes after the company completed an extensive roadshow deep into US investment-grade territory as it looked to reposition its credit standing and sell itself as a global entity. Its Mexican roots may have loomed large among some investors, who asked why they should buy Bimbo when the country’s state-controlled oil company Pemex was offering 315bp on its new 10-year Tuesday. But overall most...
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