Ally to Price MXP1bn Bond Today

Ally Credit, the auto financing company, will issue a MXP1bn 1.5 year bond via Ixe and Scotia. Guidance on the deal is TIIE plus 150bp, though a banker on the deal says he expects pricing could tighten, as market conditions are improving. He adds that treasuries, investment funds, private banks and retail banks are expected to participate in the deal. The bonds are rated AAA on a national scale. Proceeds will be used to finance auto loans.