Fibra Uno Readies Local Bond

Mexico’s Fibra Uno real estate trust is planning to issue up to MXP10bn ($766m) in what would be the first-ever domestic bond placed by a Fibra fund, say bankers familiar with the deal. The real estate fund is considering up to three tranches, in tenors ranging from 5 years to 20 years in fixed-rate or Udi-denominated bonds, and is preparing a roadshow this month, a banker familiar with the process says. Proceeds will be used to refinance bank debt. BBVA Bancomer, Banamex, Credit Suisse and Santander are managing. Fibra Uno’s CFO Javier Elizalde told LatinFinance in June it was plotting a domestic bond issuance this year, with the issuer previously relying on banking lines for leverage. The fund was Mexico’s first Fibra to IPO, in 2011.