Mexican lender Credito Real is expecting to receive new loans in January next year. The proceeds will be used to pay off short-term debt, including $185mn in franc-denominated bonds due in February 2022 and to refinance $342mn in other short-term debt. Additionally, the company expects to receive proceeds from its derivatives portfolio related to the franc-denominated bonds. Credito Real announced an expected MXN 1.5bn ($71mn) sale in loans to small and medium enterprises in January. Recently, Credito Real was downgraded to B+ by S&P Ratings.
Credito Real’s USD bonds were trading up with its 8% 2028s up 8.75 since Friday to 67, yielding 16.87%
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