Mexican Hotel Operator Retaps

Mexican Hotel Operator Retaps

Mexico Bonds

Grupo Posadas emerged Friday with a $50m retap of its senior unsecured 2017 bonds, seeing total demand of $150m. The B2/B/B+ Mexican hotel operator reopened the 7.875% coupon bonds at 106.462 to yield 6.300%, tight to 6.500%-area guidance. The price came flat to secondary levels, a banker on the deal says. Posadas joins a tiny club of LatAm single B issuers getting a 6% handle, along with Copeinca, which got a 6.989% yield on a 2017 retap earlier this month. Proceeds will be used to repay short-

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