Mexico to price US$2.25bn 10-year at T+210bp

miércoles 13 de enero de 2016 14:30 GYT

By Paul Kilby

NEW YORK, Jan 13 (IFR) - Mexico launched a US$2.25bn 10-year bond at US Treasuries plus 210bp after order books reached up to US$6.5bn in size earlier on Wednesday, according to sources.

Final pricing is coming at the tight end of guidance of Treasuries plus 215bp area (+/-5bp) and a good 20bp inside initial price thoughts of 230bp area.

At those levels, the deal is some 20bp wide to the sovereign's existing 2025s, which were trading earlier with a G-spread of 190bp.

That equates to a new issue concession of around 15bp if a 5bp extension is included to arrive at the January 2026 maturity on the new bond.

Pricing is expected later Wednesday through bookrunners Citigroup, JP Morgan and Morgan Stanley.

Expected ratings are A3/BBB+/BBB+ by Moody's, S&P and Fitch. Proceeds will be used for general budgetary purposes. (Reporting by Paul Kilby; Editing by Marc Carnegie)