Nemak Reopens MXP Bond

Mexican auto parts maker Nemak has reopened its 2014 floating rate peso bonds for MXP1bn at a spread of TIIE plus 48bp. The deal came exactly in line with price expectations, says a banker on the deal. In November, Nemak issued the bond at 45bp over TIIE. The extra three basis points are due to added market volatility seen in today’s environment, says the banker. HSBC managed the deal.