Auto Lender Readies MXP Bond

NR Finance, an auto lender catering to Nissan and Renault buyers in Mexico, is preparing to issue up to MXP2bn in the domestic bond market. The 1.5-year bullet notes will pay a spread over TIIE. The final amount has not been determined, but should be capped at MXP2bn, according to a report from Scotia, which expects a placement this month. Proceeds will support NR’s lending capabilities. BBVA Bancomer is managing the sale, rated AA+/Aa1 on a national scale.