April 13, 2018 |
Grupo Bimbo got enough on board for a $500m non-call five perpetual bond on Thursday, despite a mixed reaction from investors who spoke to LatinFinance.
Adrian Garcia, an analyst at Invesco, dubbed the Mexican breadmaker's transaction structure "not great" and felt Bimbo's leverage was high for an investment grade entity.
"These instruments are relatively hard to price... There are only a handful of comparables and not all of them are applicable," Garcia said.
However, Garcia still felt the pric
Mexican breadmaker receives lukewarm reception for its $500m hybrid trade with some investors questioning the structure, sources