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imageNEW YORK: Mexico tightened pricing on a two-part US dollar bond on Monday, as demand for the deal swelled close to US$9bn, according to one of the lead managers.

The sovereign set guidance of Treasuries plus 150bp area on a tap of its 4.125pc January 2026s and 210bp area on a new long 30-year maturing in January 2047, with area at plus or minus 5bp.

That was tight to initial price thoughts of T+165bp area and T+225bp area respectively. Proceeds are going to buy back up to all of Mexico's roughly US$2.67bn of outstanding 5.625pc 2017s.

Joint bookrunners BBVA, Bank of America Merrill Lynch and Credit Suisse are expected to price the bonds later on Monday.

Copyright Reuters, 2016

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