IDEAL Prices MXP Bond

Mexico’s Impulsora de Desarollo y El Empleo en America Latina (Ideal) has raised a total of MXP4.5bn ($337m) in the domestic bond market. The issue marks a debut for the Carlos Slim infrastructure vehicle, which had planned to raise funds in the equity market this year, before conditions became difficult. The issuer priced a floating rate MXP1.9bn 2016 bond at TIIE+80bp, wide of 75bp guidance, and a MXP2.6bn 2014 floater at TIIE+60bp, wide of 55bp guidance. Ideal had targeted a MXP3.8bn size for the 3-year, with the remainder to go to the longer tranche, but chose instead to upsize the 5-year tranche and reduce the 3-year, after getting better-than-expected demand for the longer-dated paper. Bancomer, BAML, Inbursa and HSBC led the transaction, rated AAA/AA on a national scale.