February 13, 2018 |
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
Local housing developer raises $80m in three-year local currency paper