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What a Banker Needs to Know - 9 March 2022 (Wed)

Mexican financial services company Unifin Financiera raised $400mn via a new 8Y non-call 4Y (8NC4) bond at par to yield 9.875%, inside initial guidance of low-mid 10%s. Barclays, Citi, Goldman Sachs, BTG Pactual, Santander, and Scotiabank were the bookrunners of the deal. The bonds are expected to be rated BB by Fitch, in line with the issuer. The notes received orders over $1.1bn ~2.75x issue size. Unifin has also launched a concurrent capped exchange offer for its older dollar bonds due 2022, 2023 and 2025. Bondholders of its 2022s and 2023s that participate in the exchange offer by the early-bird deadline of February 2 will be able to swap into the new bonds at par, while holders of its 2025s can participate at 95.5 cents on the dollar, as per GlobalCapital.

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