Interacciones Sets Price Target

Mexico’s Grupo Financiero Interacciones is heard seeking to pay TIIE+135bp-area on a new MXP1.5bn ($117m) 3-year bond in the domestic market. The sale is expected Friday, and will raise funds to maintain liquidity and for general corporate purposes. Though it issued subordinated debt last month, the bank’s last senior local sale, for MXP2bn, came in March at TIIE+115bp. The issuer had the intention of returning to the market sooner after the March sale, and postponed due to Mexican elections, sub-national debt concerns, and the bank’s subordinated debt rating put under review by the ratings agencies, says a banker on the deal. It may now face slightly wider spreads. Interacciones is leading the transaction, rated A/A+ on a national scale. Interacciones, which specializes in sub-national and public infrastructure financing, last month raised MXP700m in 2022 Subordinated Bonds at TIIE+250bp.