Bachoco Advances Local Bond

Mexican poultry producer Industrias Bachoco has set an August 29 pricing date for a MXP1.5bn ($114m) transaction that would be its first in the domestic bond market. The notes will pay a spread to the TIIE, and have a tenor of 5 years. The deal is expected to be rated AA/AA+ with proceeds destined to refinance existing debt. Banamex is leading the transaction. Industrias Bachoco operates poultry production and distribution facilities throughout Mexico. Aside from breeding, processing and marketing poultry, it also produces and distributes eggs, swine, and animal feed. Last year it acquired privately-held Arkansas-based poultry producer OK Industries for $95m.