Alpek Returns for $300m

Alpek Returns for $300m

Mexico Bonds

Mexican petrochemical producer Alpek has priced a $300m 2023 bond, getting over $700m in demand in its second-ever international issuance. The BBB minus/Baa3 Grupo Alfa-controlled polyester and plastics specialist priced at par with a 5.375% coupon to yield UST+273bp, pricing at the tight end of 5.375%-5.500% guidance that was unchanged from initial talk. Bankers on the deal say Alpek offered a 20bp-23bp pickup versus its outstanding 2022, seen trading at 4.95%, and calculated 10bp for the curve

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