Bimbo Nears Local Foray

Mexico’s Bimbo will kick start 3-day investor meetings Wednesday as it seeks to issue up to MXP5bn ($380m) in bonds in the domestic market. The issuer is heard with a tentative pricing date of February 8, pending regulatory feedback. Bimbo plans 7-year fixed-rate bonds, a 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 Mexican baked goods company last week sold $800m in 4.5% 10-year notes in the international markets, getting a 4.602% yield. BBVA, Citi and Santander led that transaction, rated Baa2/BBB/BBB.