Daimler Issues Domestic Debt

Daimler Mexico has issued MXP1bn ($77m) in 2015 floating-rate domestic bonds. The bonds pay the TIIE+35bp, pricing in line with TIIE+35bp expectations. Demand was nearly 2.9x, and driven by mutual funds, insurance, private banking and Afores, according to sources familiar with the sale. Funds raised will be used for general corporate purposes. BBVA Bancomer and HSBC managed the transaction, rated AAA on a national scale and guaranteed by the German parent. Daimler previously came to market in June, when it priced a MXP1bn 2014 bond at TIIE+30bp.