Alsea Readies Domestic Tap

Mexican restaurant operator Alsea is preparing a 3-year local bond, likely MXP400m in size. The issuer is targeting March 17 to issue, according to regulatory documents, and expects to price the floating-rate bond at about TIIE plus 170bp, according to a banker on the deal. Proceeds will repay bank debt. HSBC is managing the sale, the second from a MXP700m shelf, and rated on a national scale. HR rates Alsea AA.