Investors Crowd into Alicorp

Investors Crowd into Alicorp

Peruvian consumer goods company Alicorp’s order books were heard reaching $4bn Thursday for a new $450m 2023 bond. It has indicated UST+200bp-area guidance following low 200bp whispers ahead of today’s expected pricing, and announced the size will not grow. Comps include Mexicans Bimbo (BBB), with a 2022 trading at a G-spread of 175bp, and Sigma Alimentos (BBB minus), with a 2018 trading at a G-spread of 215bp. Baa2/BBB rated Alicorp seeks funds for capex and debt refinancing. Bank of America Me

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