Famsa Brings Small CP

Mexican retailer Grupo Famsa has priced a $27m 1-year deal at par to yield 8%. The issuer was heard looking for $50m in the Reg S only CP, but apparently fell short owing to a year-end lull in investor interest. “There is less liquidity and there is less enthusiasm,” says a DCM banker not on the deal, speaking of buyside appetite for LatAm credit generally. The deal through Jefferies was is unrated, listed in Luxembourg and governed by New York law. Proceeds are for general corporate purposes. Famsa was last in the market late October with a $44m euroclearable 1-year CP issue also priced to yield 8%. Proceeds were being used to help finance retail purchases of white goods by customers. That issue was led by US-based broker Atlas One, which acted as placement agent.