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The market for cross-border Mexican corporate bonds perked up on Tuesday with one issuer pricing US dollar notes and a second pushing ahead with similar fundraising plans, a day after the US agreed to pause impending import tariffs on Mexican goods. Saavi Energía, a Mexican power generator and distributor, sold $1.1 billion worth of 10-year bonds to refinance debt, a source involved in the deal told LatinFinance . The company priced the 8.875% 2035 notes at 99.187 to yield 9%. It opened the initial price talk earlier in the day in the low-9% area before proceeding to launch the deal, the source said. JPMorgan, Mizuho, Scotiabank and SMBC Nikko were active bookrunners on the Rule 144A/Reg S offering, while BNP Paribas, Citi and Goldman Sachs acted as passive bookrunners, the person added. Fitch Ratings assigned the notes a BB- rating. The proceeds will be used to refinance debt, to fund tender offers , pay dividends and for general corporate purposes. NEW DEAL Meanwhile, mining company Minera Mexico is getting ready to sell up to $1 billion worth of seven-year bonds in the US market to fund investments, according to Fitch Ratings. The company, which is part of local conglomerate Grupo México, the country’s biggest copper producer, will use the proceeds for capex and general corporate purposes, the agency said Tuesday. Retailing company Liverpool and real estate investor Fibra Uno were among the Mexican corporates to tap the international market last month, as US President Trump prepared to impose tariffs on hundreds of billions of dollars worth of imports from Mexico from this month. Should the US proceed to apply the tariffs after the 30-day pause agreed on Monday expires, it would represent “a significant challenge to corporate credit quality in Mexico,” S&P Global Ratings said in a report.
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