Category: Economy & Policy

Mexico’s Grupo Famsa has sold MXP1bn in floating rate bonds domestically. The 2012 notes will pay interest at the TIIE plus 250bp. The total book size reached about MXP1.5bn, according to a banker on the sale. The transaction, which counts on a guarantee from Nacional Financiera is rated A on a national scale. The retailer will use proceeds for working capital. Ixe led.

Mexico’s Grupo Famsa is preparing to issue up to MXP1bn in floating rate bonds domestically. The 2012 notes will price at a spread to the TIIE benchmark. The transaction, which counts on a guarantee from Nacional Financiera, is expected September 11, according to bankers managing it. The retailer will use proceeds for working capital. Ixe is managing the transaction, rated A on a national scale.

Banco Hipotecario has sold $136m-equivalent in 2 tranches of mortgage-backed securities in the domestic market, says a bank official. A ARP193m ($50m) piece priced at the Badlar rate minus 240bp, and a $86m dollar-denominated tranche came at 2%. Both have a final maturity of 16 years and an average life of 8 years. Proceeds will support the Argentine lender’s mortgage origination efforts. Banco de Valores and Banco Hipotecaio coordinated the sale, rated A+ on a national scale, which was structured by Banco de Credito y Securitization.

The Mexican state of San Luis Potosi has signed a 20-year MXP1.5bn loan with Banco del Bajio. The facility pays interest at a spread to TIIE, which state finance officials decline to disclose. San Luis Potosi will use proceeds to cover expenses, according to a report from Fitch, which rates the loan A+ on a national scale. It will be repaid from a trust receiving federal funds earmarked for the state.

Colombian state-owned development finance agency Findeter has sold COP220.3bn ($109m) in credit deposit notes. It placed COP63.8bn in 2011s at a fixed 6.50%, COP75.0bn in 2012s at DTF plus 1.63%, and COP81.5bn of 2014s at IPC plus 4.38%. Total demand for the AAA rated issue reached COP606.6bn, according to brokers managing the sale. Findeter structured and managed the operation itself. Elsewhere in Colombia’s domestic DCM, Grupo Nacional de Chocolates is set to offer COP500bn today through Bancolombia.

Mexican microfinance institution Banco Compartamos has reopened its 2012 bonds for MXP1bn, in a deal driven by reverse inquiry following an initial sale in July. The notes pay TIIE plus 200bp and were offered at par. It was 1.2x subscribed, says a banker on the deal. Proceeds from the sale, rated AA minus on a national scale, will provide general lending capital. Banamex managed the sale. In July, Compartamos sold MXP500m through Credit Suisse.

Mexico’s Banco Compartamos has sold MXP500m in 2012 bonds on the domestic market at TIIE plus 200bp. Proceeds will support the microfinance bank’s general capital needs. Credit Suisse managed the sale, rated AA minus on a national scale. MxA rated financial group Grupo Elektra placed MXP1bn in a 2011 last week at TIIE+390bp.

Colombian mortgage lender Banco Davivienda has sold COP450bn in domestic bonds. The bank sold COP72bn billion in 2011 bonds at the DTF rate plus 138bp, COP73bn in 2012s at a 7.89% fixed-rate, COP215bn in 2014s at IPC inflation plus 479bp, and COP90bn in 2010s at IBR plus 144bp. Total demand for the sale, rated AAA on a national scale, reached COP1trn, Davivienda says. Proceeds from the AAA issue will go to working capital and other general purposes. The bond was the second and final piece from a COP1trn program, following a COP550bn sale in January.

Mexican financial group Grupo Elektra has sold MXP2bn in domestic floating-rate short-term bonds. A MXP1bn 2010 tranche priced at TIIE plus 370bp, while a MXP1bn 2011 piece came at TIIE plus 190bp. The book reached 1.4x to the offer, according to a banker on it. Inbursa is managed the sale, rated A on a national scale. Elektra is controlled by billionaire Ricardo Salinas and acts as a holdco for subsidiaries including Banco Azteca, Seguros Azteca y Afore Azteca.

Cemex has placed MXP2.2bn in 2011 domestic bonds backed by accounts receivables. The ABS notes priced at the TIIE rate plus 250bp. Demand for the AAA paper reached 1.3x, according to a banker on the deal. Ixe sole-managed the sale, the first such transaction Cemex has done in the peso public markets.