CCM Kicks Off Local Bond Swap

Comercial Mexicana has launched an exchange offer to holders of MXP1.5bn in 5 series of domestic bonds. The retailer, which defaulted on its debt in October 2008 after crippling derivative losses, seeks to replace the notes with an equal amount of new bonds due 2016. It is set to price after the close of the offer, on February 2. Ixe is managing the transaction. The new bonds are rated BB on a national scale.