Bimbo Preps Domestic Foray

Mexico’s Bimbo plans to sell up to MXP5n ($363.4m) in bonds in the domestic market early next month. The 7-year fixed-rate bonds will represent the fourth issuance under a MXP20bn program with proceeds to be used to help refinance a $1.3bn syndicated loan. Inbursa, ING, and HSBC are managing the deal, rated AA plus on a national scale. The size of the domestic transaction may be adjusted depending on results of Bimbo’s cross-border bond, says a banker on the deal. Meanwhile, the Mexican baked goods company will hit the road next week splitting into two teams to go to San Francisco, the Mid West, New York and other East Coast cities next week. BBVA, Citi and Santander, have been mandated to organize meetings with talk that a 144A/RegS transaction may follow should market conditions permit for its international bond plans.