Televisa prices inside curve amid rates calm

By Oliver West
08 May 2014

Mexican broadcaster Televisa took the LatAm bond market deep into negative new issue premium territory on Thursday as confidence regarding rates and immunity from political turmoil in eastern Europe provided LatAm borrowers with issuance conditions well beyond the expectations of many bankers.

SEC-registered Televisa sold $1bn of bonds due 2045 at 180bp over US Treasuries — the same spread at which the company’s outstanding 2040s were bid upon announcement of the deal. Adjusting for curve extension would mean Televisa had priced well inside its existing curve.

Leads Credit Suisse, Deutsche Bank ...

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