Ford MXP Price Talk Heard

Price talk for Ford Credit de Mexico’s 18-month floating rate bonds is 180-200bp over TIIE, according to market participants. The auto finance services company plans to issue up to MXP1bn ($76m) through a bond issue tentatively scheduled for September 23. “The 180-200bp over TIIE represents a good premium for 18 month paper,” says an investor following the name. This will be Ford’s first bond transaction in the local bond markets since 2007. Actinver, HSBC, IXE, Scotia Capital are managing the transaction, rated A2 on a national scale.