Nemak Prices MXP2.5bn Local Issue

Nemak Prices MXP2.5bn Local Issue

Economy & Policy

Mexican autoparts maker Nemak sold MXP2.5bn in 2014 floating-rate local bonds last Wednesday. The deal priced at 46bp over 28-day TIIE. Demand reached more than MXP4bn, according to bankers on the deal, but the offer was not upsized owing to a limit on Nemak's issuance program. Buyers included institutional investors and private banks. A planned10-year tranche was not issued. A partial guarantee from Bancomext raised the rating on the deal to AA.mx from both S&P and Fitch. The subsidiary of Grup

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