Mexican Junk Retailer Lands $200m Debut

Grupo Famsa has raised $200m in the cross-border bond market, its first such deal, and only the second Mexican high-yield issue since the bond markets reopened following a May-June drought. The 2015 NC3 priced at 99.063 with a 11% coupon to yield 11.25%, according to investors, in line with price talk earlier this week of low-to-mid 11%s. The bond was up slightly at Thursday’s close, according to an investor. Famsa, which has issued in Mexico’s domestic DCM, is raising funds to refinance debt as well as for general corporate purposes. Credit Suisse managed the sale, rated B+.