Elektra Returns to Reopen 2018s

Mexican retailer Elektra re-opened its 7.25% 2018 NC4 bonds for another $150m Tuesday, taking the issue to an outstanding size of $550m. Starting at 8.00% area guidance and finally settling on an 8.00% yield , the financial services and specialty retailer reopened the 2018s at 96.251. Some investors found the deal fair at 8.00% seeing a 20bp-25bp concession against 7.75%-7.80% trading levels, while others calculate a 40bp-45bp concession for the RegS only BB minus issuer. The bonds were trading flat in the grey, according to an investor. Elektra is part of Ricardo Salinas’s holdings, which include TV Azteca, Banco Azteca and Iusacell. BCP Securities, Jeffries and UBS managed the deal. The same trio brought the original 2018 sale last July, marking the issuer’s first cross-border appearance in more than 10 years. The $400m sale came at a 7.50% yield.