Mexican Miner Looking at Dual Tranche

Mexico’s Fresnillo is considering issuing both 10-year and 30-year bonds, with a $300m size per tranche, according to an investor following the deal. The issuer has not issued initial price thoughts or guidance as of Tuesday. The BBB/Baa2 silver and gold miner is scheduled to end a roadshow process today in New York and could price a deal as soon as Thursday. Citi, Deutsche Bank and JPMorgan are managing. In April, the miner sold GBP222m ($344m) in shares to shareholder First Eagle Investment Management, to meet a free-float obligation. It has not issued bonds internationally or in Mexico’s domestic market, according to Dealogic data.