Soriana Brings Jumbo Short Notes

Mexican retailer Soriana has priced MXP4.6bn in 2010 bonds at TIIE+48bp. The offering – shorter and wider than a deal placed just 3 months back – received more than MXP7.2bn in demand, according to bankers on the deal. It is the second takeout of a bridge that funded the $1.35bn December acquisition of rival retailer Grupo Gigante. Inbursa, JPMorgan and Banamex managed the transaction, due December 30 2010 and rated AA on a national scale. In June, Soriana placed MXP5.5bn in 2013 bonds at TIIE+43bp through the same trio of banks. The remainder of the bridge is expected to be paid down using commercial paper.