Financiera Independencia Set for MXP Bond

Mexican microfinance lender Financiera Independencia is expected to price up to MXP1.5bn in 3-year bonds today, according to a banker on the deal. Guidance is TIIE+ 250bp-260bp, adds the banker. The proceeds will be used in part to repay an MXP784m bond expiring in June, with the remainder going towards increasing the bank’s lending portfolio and for working capital. The last time the bank came to the domestic market was in 2008, when it issued the bond that is maturing in June. In March 2010 it went to the dollar market, when it issued $200m in 10.0% 2015 bonds. Independencia is rated A on a national scale. Actinver is the sole bookrunner.