KCSM Opts For FRN

KCSM Opts For FRN

Mexico Bonds

Kansas City Southern de Mexico has sold a $250m floating-rate bond aimed at investors looking for protection against an expected rise in UST yields. The 2016 priced at par with a coupon of 3-month Libor+70bp, tight to 75bp-area guidance and earlier 85bp-area initial price thoughts. “It is a good protection against rise in US treasuries, but too little of a coupon. But arguably a good cost of funding for the issuer,” says a portfolio manager looking at the trade. The railroad operator and subsidi

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