Nemak Tightens, Upsizes Debut

Nemak Tightens, Upsizes Debut

Mexico Bonds

Mexico’s Tenedora Nemak has raised $500m in its international DCM debut, getting $3.25bn in demand and upsizing from $300m expectations. Despite a softer market backdrop Thursday, the Ba2/BB minus Grupo Alfa auto parts manufacturer priced the 2023 NC5 at par with a 5.50% coupon, to yield UST+353.8bp, at the tight end of 5.50%-5.75% guidance following earlier 5.75%-area and mid-to-high 5.00% talk. The bonds traded up 0.25-0.60 points in the grey. Nemak’s level was seen at about 20bp wide to Mexic

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