Findep Debuts in Tough Debt Market

Mexican microfinance lender Financiera Independencia landed MXP784m in 3-year local bonds, marking its first issuance of long term debt. The Sofol, which went public on the Bolsa in November, raised less than the maximum MXP1bn it had detailed in a filing. A banker on the deal says the proceeds fell within the expected range of MXP500m-MXP1bn, established in the past week when market conditions worsened. The A/A+ bonds came at 28-day TIIE plus 190bp, roughly at the midpoint of the 180bp-200bp range, says the banker. HSBC and BBVA led.