Be Grand awakens Mexican market

Be Grand awakens Mexican market

Bonds Capital Markets Mexico

Be Grand awakened the Mexican local currency market last Friday, selling MXN1.5bn ($80m) in 2021 floating-rate paper. The local housing developer placed the three-year notes at 255bp over the 28-day TIIE rate, one DCM source confirmed. Be Grand's first coupon will be 10.39%. Orders were 1.4x oversubscribed, sources said. Actinver and Santander were joint placement agents, while Afiro Asesores was structuring agent, according to a prospectus seen on Mexico's BMV. Verum rated the bonds A and HR

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