Mexico Debt Pipeline Refills

NR Finance, the Mexican subsidiary of the financing arm of Nissan-Renault, is coming to market November 17 for up to MXP3bn, via Banamex and Scotia. The 3-year bonds pay a spread over TIIE and are rated AA+ on a national scale. The following week, car leasing company Unifin will issue up to MXP400m in 5-year bonds that will pay a spread over TIIE in a deal lead by Ixe. The bonds are rated AAA on a national scale. Proceeds will be used to repay debt and working capital. Scotiabank and Banco Interacciones are also expected to come to the bond market at the end of November, according to regulatory filings. Interacciones is looking to issue up to MXP1.5bn in 3-year bonds by the end of the month. The notes are rated Ba1/A1.mx by Moody’s. Scotia is re-opening a 5-year bond, issued in October for MXP2.312bn 5-year at TIIE+40bp. It is looking to add MXP830m at the same spread to pay for general corporate purposes, says a banker at Scotia. Elsewhere, CFE will issue a dual tranche, 4-year floating and 10-year fixed the week after next. Investors expect the Mexican electricity authority to price at 30bp over TIIE for the 4-year and 120bp-130bp over Mbonos for the fixed tranche.