Homex Nails Bond in Full Mexican Field

Homex Nails Bond in Full Mexican Field

Mexico

Homex has sold $250m in 2019 bonds, becoming the third Mexican Homebuilder this year to take advantage of high-yield appetite. The Ba3 /BB minus rated issuer priced at 98.426 with a 9.500% coupon to yield 9.750%, or UST plus 635.9bp. The yield was bang on 9.75% area guidance, and in line with investor expectations. The bond was heard trading near flat late Tuesday afternoon. The order book reached $500m, according to bankers on the deal. Fellow homebuilder Geo’s (also Ba3 /BB minus) $250m 5-year

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