January 15, 2016
Gruma’s $400 million 2024 bond sale in November 2014 underscored the Mexican issuer’s emergence into investment grade territory and a knack for timing, factors which made it stand out it against other transactions during the awards period.
Top competitors for the award included Southern Copper Corporation’s $2 billion bond sale in April, which impressed for its success amid sliding commodities prices, and BRF’s €500 million issue in June, which forms part of LatinFinance’s Corporate Liability Management Deal of the Year.
However, Gruma’s ability to find investment-grade pricing while holding a split rating ultimately made it stand out against its competitors.
Fitch upgraded Gruma to invest
The Mexican food company overcame split ratings and a six-year hiatus from the bond market to score investment grade terms