Chile’s Molymet Issues Mexican Bond

Molymet issued MXP1.5bn in 1.5-year bonds in the Mexican market that priced at TIIE + 55bp, tight to the TIIE + 60bp area guidance, says a banker on the deal. The bonds are rated AA+ on a national scale and were 2.7x oversubscribed, the banker says. Proceeds from the Chilean mining company’s issue are marked for the refinancing of MXP1.2bn of outstanding debt and for general corporate purposes. There was significant interest from institutional investors, says the banker, with bonds being bought by mutual funds, insurers and bank desks. This is the third issuance in MXP by the company, which has operations in Mexico. Banamex led the issue.