Mexichem Preps Local Floater

Mexichem is preparing a local floating-rate bond, and eyeing a September pricing. The petrochemicals producer has filed for up to MXP2.5bn ($215m) in 2016 bonds paying interest at a spread to the TIIE. Mexichem is raising funds to repay bridge loans from 4 banks that it used to take out MXP2.5bn in 2014 debentures. The foursome, Banamex, BBVA Bancomer, HSBC and Ixe, are managing the new sale. Mexichem is rated AA /Aa3 on a national scale.