GMAC Mexico Raises MXP1.8bn

GMAC Financiera and GMAC Hipotecária, the Mexican subsidiaries of Rescap, together issued MXP1.8bn in 5-year senior guaranteed bonds yesterday, at TIIE+75bp. On Thursday, TIIE was trading around 7.70%, but the exact yield for the notes will only be next week when the bonds settle. Guidance was 70bp-80bp. MXP1.4bn will go to GMAC Financiera and MXP400m to the Hipotecária. The notes are rated AA and AA+ by S&P and Fitch on a local scale. Credit Suisse was the bookrunner.