Mexican Group Plugs in MXP Issue

Mexican financial group Grupo Elektra plans to sell MXP1bn in domestic 1-year bonds, basis TIIE. Elektra paid TIIE plus 190bp on a similar MXP1bn 1-year deal in July. Inbursa is managing the sale. Elektra is rated A on a national scale and controlled by billionaire Ricardo Salinas. It acts as a holdco for subsidiaries including Banco Azteca, Seguros Azteca and Afore Azteca.