Kuo Aims Yield Target

Mexico’s Grupo Kuo is heard out with price thoughts of mid-to-high 6% for a new 2022 NC5 bond, expected at $250m. The conglomerate is scheduled to finish a roadshow today, as it seeks funds for a cash tender targeting its $250m outstanding in 9.75% 2017 bonds. In the tender, Kuo is offering holders $1,053.75 cash per $1,000 principal before a November 30 early deadline, and $1,023.75 per $1,000 through the December 14 final deadline. The offer is contingent on the bond sale. Credit Suisse is managing the tender, and is joined by Citi, Bank of America Merrill Lynch on the new deal, rated BB.