April MXP Debt Pipeline Fills Up

Mexico’s Nemak plans to reopen a 2014 floater bonds in an offering expected in the next few weeks. The auto parts maker controlled by Grupo Alfa sold MXP2.5bn in the AA rated notes in November. It has not indicated the size of the new offering, to be led by HSBC. Meanwhile, Telmex has indicated in a regulatory filing that it plans to sell up to MXP2.5bn in 2018 fixed-rate notes this month, possibly accompanied by a floating-rate tranche, in a AAA rated sale led by Inbursa and HSBC. The issuers join a steady pipeline already featuring Cemex, awaiting the sale of MXP3bn in 2018 fixed and 2010 floating AA+ bonds via Santander. Bottler Arca has also refiled for a MXP6bn 5-year shelf, with BBVA listed as the lead.