Alpek Upsizes Bond Debut

Alpek Upsizes Bond Debut

Mexico Bonds

Mexican petrochemical producer Alpek has raised $650m in the debt capital markets, getting $4.6bn in demand from its first-ever international issuance and upsizing by $50m from initial expectations. Whether the UST+295bp level came inside of peer Mexichem (Ba1+/BBB minus) depends on who is asked, with investors and bankers spotting Mexichem’s 2022 at 290bp-300bp levels. The BBB minus/Baa3 Grupo Alfa-controlled polyester and plastics specialist priced at 99.713 with a 4.5% coupon to yield 4.536%,

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