Credito Real Targets Local Bond

Mexico’s Credito Real plans to raise up to MXP1bn ($79m) in the domestic bond market, estimating a February 15 pricing date. The proposed 3-year floating rate bonds are part of a MXP2.5bn program, and proceeds are expected to be used to refinance debt. BBVA Bancomer is leading the transaction, rated A minus/A on a national scale. Credito Real paid TIIE+325bp the last time it issued 3-year floating rate bonds, in a MXP400m November sale partially guaranteed by Nacional Financiera and the Inter-American development bank.