Findep continues Mexican HY successes

Mexico city night
By Oliver West
29 May 2014

Mexican microfinance company Financiera Independencia (Findep) cut its borrowing costs with a $200m five year bond to buy back old debt, overcoming the fact that the deal’s small size put off some investors.

Having released initial price thoughts of 8% on Tuesday and built a book of more than $500m by the close. Orders rose to around $850m on Wednesday and bookrunners Barclays, BCP Securities and HSBC refined guidance to 7.875% area.

The deal was priced at the tight end, as ...

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