Penoles Targets Next Week for Jumbo

Penoles is targeting June 17 for the sale of up to MXP7bn in bonds on Mexico’s domestic market, regulatory approval and market conditions permitting, say bankers managing it. The silver miner has the option to divide the issue into 10-year fixed-rate notes and 5-year notes paying a spread to the TIIE benchmark. BBVA Bancomer, HSBC and Santander are managing the sale, rated AA+ on a national scale. Proceeds will go towards refinancing debt and financing investment. In another highly anticipated AAA corporate transaction, Telefonica is heard aiming for the last week of June to place a MXP6bn 2014/2020 deal from its Mexican unit, also through BBVA, HSBC and Santander.