Slim RE Lands Mexican DCM Debut

Mexico’s Inmuebles Carso has raised MXP5bn ($381m) in its domestic bond market debut. The 2017 priced at TIIE+75bp, according to sources following the transaction. The real estate company spun off from Carlos Slim’s Grupo Carso holdco last year priced within TIIE+70bp-75bp guidance. While difficult to comp, it offered a premium to holdco Grupo Carso’s (AAA/AA+) MXP5bn 5-year bond priced at TIIE+53bp in March. “It priced in line with our relative value estimates,” says one Mexico-City based investor. Afores, insurance companies, retail investors and banks accounted for most of the participation, allowing the issuer to see MXP6.4bn in demand. Proceeds will be used for short-term debt refinancing. Actinver, Inbursa, Banamex, and BBVA Bancomer led the transaction, rated AA+/AA on a national scale. Mexico’s local DCM continues to see activity in August, with Thursday’s sale bringing the year-to-date total to $4.39bn-equivalent according to Delaogic data, which is down from $8.25bn at this point in 2011.Red de Carreteras de Occidente (RCO) is on the road this week with a toll road securitization and is targeting MXP6-MXP10bn divided among 15-year peso and 20-year UDI bonds. Microlender Banco Compartamos is preparing to issue up to MXP2bn ($152m) in 2017s on August 22. The CFE has also registered for a 30-bond of unspecified size.