Salsa Maker Prices Local Bond

Grupo Herdez has issued MXP3bn ($230m) in fixed and floating-rate domestic bonds, according to people familiar with the transaction. The maker of salsas and other food products priced a MXP2.0bn 10-year fixed rate bond at 8.02%, or Mbonos+170bp, at the wide end of 160bp-170bp guidance. It also priced a MXP1.0bn 5-year bond at TIIE+54bp, in line with guidance. The issuer is rated AA on a national scale, and is raising proceeds to improve its debt profile and for general corporate purposes. BBVA Bancomer and HSBC managed. The borrower’s previous domestic deal was a MXP600m 2015 bond done in 2011 at TIIE+60bp.