Mexichem Gets MXP Bond

Mexican chemicals maker Mexichem has sold MXP2.5bn in 2014 bonds on the domestic market. The floating-rate notes pay TIIE plus 244bp. Inbursa and Arka managed the sale, rated AA minus on a national scale. Mexichem plans to use proceeds to refinance shorter-term debt. The issuer, rated BBB minus internationally, has said it plans to follow up the domestic issue with dollar bond, likely in the $300m size area at 7-10 years maturity.