Mexican export-import bank Bancomext said Monday it raised MXN15 billion ($786) million in a three-part sustainable bond deal in the local market that included its first ever sale of notes denominated in US dollars.
Bancomext priced MXN6.40 billion worth of ten-year notes at a fixed rate over MBono plus 37 basis points and MXN4.54 billion in 3.5-year bonds at a floating rate over the TIIE interbank lending rate plus 25 basis points.
The lender also printed $214.8 million worth of 3-year bonds at a fixed rate over US Treasuries plus 70 basis points, it said in a press release.
Bancomext said the deal marks the first time a local development bank has issued bonds in US currency and allowed it to secure greenbacks “in a much more convenient way than going to the market.”
The lender said it will use the proceeds to finance sustainable projects aimed at promoting the country’s economic development, with a particular focus on boosting exports, strengthening value chains and capitalizing on nearshoring opportunities.
Banorte, Invex, Monex, and Scotiabank acted as underwriters on the offering, which drew demand of 2.83 times the target amount of MXN7.5 billion, it added.
Bancomext last sold bonds in October 2023, when it issued MXN10.7 billion worth of sustainable notes.
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