Bachoco Lands Tight MXP Debut

Mexican poultry producer Industrias Bachoco on Wednesday issued MXP1.5bn ($113m) in 5-year floating rate bonds, after seeing 2.3x in demand, according to a banker on the deal. The bonds priced at 60bp over TIIE, tight to the 70bp-area over TIIE guidance. Orders came from a diversified investor base including Afores, private banks, mutual funds and insurance companies. Proceeds will be used to refinance debt associated with the purchase of privately-held, Arkansas-based poultry producer OK Industries. Banamex led the transaction, rated AA+/AA.