Nemak shrugs off NAFTA concerns, sells bond

Nemak shrugs off NAFTA concerns, sells bond

Bonds Debt Capital Markets Corporate & Sovereign Strategy Fixed Income Mexico

Nemak set aside any concerns over the future of NAFTA on Thursday to sell $500m in 2025 non-call three bonds. The Mexican auto part manufacturer backed up its efforts from last January and opened the corporate space for the country's issuers. BNP Paribas, JPMorgan and Morgan Stanley started price talk in the 5% area, before measuring guidance at 4.875%, DCM sources confirmed. Leads further tightened yields to 4.75%, before pricing the 2025s at par. Nemak's new paper came about 20bp over the comp

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