Alfa debut gets enthusiastic reception

Alfa debut gets enthusiastic reception

Bonds

Mexico’s Alfa pushed aside markets jitters on Thursday to print a heavily-subscribed dual tranche $1bn transaction. Lead managers Credit Suisse, Goldman Sachs, JPMorgan and Morgan Stanley priced a $500m 10-year tranche to yield 250bp over US Treasuries, and a $500m 30-year tranche at 325bp over. Spreads on both tranches were cut sharply from initial price thoughts — by three-eighths and a quarter, respectively — after receiving heavy demand. Books came to $7bn, according to a statement released

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