September 16, 2019
Mexico's Crédito Real plan to issue between €400m and €450m, or $443m to $499m, in new euro-denominated notes to fund the buyback of up to $300m in dollar bonds that mature in 2023, according to a report from S&P Global.
S&P gave the upcoming issue a BB+ rating, level with Crédito Real's corporate ratings, saying the lender's secured debt equaled less than 15% of its risk-weighted assets as of June this year. S&P also said Crédito Real had the resources to cover its unsecured debts.
Mexican lender could issue $500m in new euro-denominated notes to buy back $300m in a 2023 dollar bond