Mexico’s Elektra Places Short Local Bonds

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.