Retailer Joins Dollar Bond Club

Retailer Joins Dollar Bond Club

Mexico Bonds

Office Depot de Mexico (ODM) has printed a $350m 2020 NC4 bond in its international market debut. Investors were heard putting in just under $750m in orders. The BB+/BB retailer priced at 98.641 with a 6.875% coupon to yield 7.125%, tight to 7.250%-area guidance and low-to-mid 7% talk. Comping the deal was difficult, though observers note other double-B rated Mexican retail credits were trading in the 6.5%-7.0% range and served as a starting point for discussions. In the end, approximately 75 ac

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