Kuo Hits MXP Bond Target

Mexico’s Grupo Kuo has priced a MXP700m 2015 at 260bp over 28-day TIIE, in line with 260bp-270bp guidance. The first payment will be 7.44%, according to the prospectus. The bonds have a BBB + rating on a national scale and are from a MXP2bn program. IXE and Banorte led. Proceeds will be used to refinance liabilities and for other corporate purposes. KUO has holdings in the consumer goods, chemical and automotive industries.