Infonacot Retaps

Mexico’s Instituto Fonacot has reopened its 2014 domestic bonds for MXP1.15bn ($90m), according to a source familiar with the transaction, to yield TIIE+38bp. The total book was about MXP4.5bn, and the sale drew 60% institutional participation, with the rest coming from private banks. BBVA Bancomer and Scotia managed the transaction, rated AAA on a local scale. The Mexican state-run lender priced the original MXP1.67bn 3-year bonds at TIIE+65bp in December 2011, and in March emerged for another MXP1.15bn at the same spread.