Mexican Readies HY Sale

Mexican Readies HY Sale

Mexico Bonds

Mexico’s Tenedora Nemak is out with 5.75%-area initial price talk for what is expected to be a 2023 NC5 bond sale, according to people following the process, with pricing as soon as today. A $300m size is expected, according to ratings agencies, for an international debut that will offer another test of the appetite for Mexican high-yield credits. The Ba2/BB minus Grupo Alfa auto parts manufacturer is being comped against Mexican conglomerate Kuo’s (BB/BB) 2022 bonds, trading at a 5.30% yield, a

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