Comerci Starts Local Debt Exchange

Mexican retailer Comercial Mexicana has launched a MXP1.5bn exchange offer to local bondholders, as part of its restructuring deal. Comerci is offering new 7-year floating-rate notes over TIIE, on a 1-for-1 basis, in exchange for 5 outstanding series of domestic bonds sold in 2008. It does not state the rate on the new notes. Comerci aims to restructure $1bn-$2bn in liabilities after racking up more than $1bn in derivatives losses last year. The offer, managed by Ixe, lasts 20 days.