Mexican Corporates Jump through Local Window

Mexican corporates appeared to be taking advantage of improving sentiment in the global markets Tuesday to move forward with bond deals this week before more uncertainty potentially closed windows. State-owned oil concern Pemex for example, sold $740m equivalent of paper Tuesday, while Santander Mexico was set to price a MXP5bn bond issue late Tuesday or this morning. The 2016 notes are expected to pay TIIE+50bp. Santander is leading the sale, rated AAA on a national scale. Also Ford Credit is expected to come to market today, with an up to 18-month MXP1bn bond through Actinver, HSBC, IXE and Scotia Capital.