Kimberly-Clark Places MXP Bonds

Kimberly-Clark de Mexico has sold MXP3.5bn of bonds in the domestic market, marking the third non-financial corporate placement of 2009. The unit of the American tissue and diaper maker priced MXP2.7bn in 13-month paper at TIIE plus 120bp and MXP800m in 2016 notes at a 9.98% fixed, or Mbono plus 233bp. The tranches were 2.3x and 4.1x oversubscribed, respectively, according to a banker managing the transaction. The transaction, rated AAA on a national scale, follows bottlers Coca-Cola Femsa and Embotelladoras Arca, which secured 13-month paper at TIIE plus 80bp and 155bp, respectively. Banamex and HSBC managed the Kimberly-Clark transaction.