Category: Regions

Mexico’s Hipotecaria Vértice is out with a MXP2bn certificados bursatiles issue through IXE. HSBC is the trustee and the deal comes from a MXP2bn program.

The Bolsa Mexicana de Valores is hoping to list itself locally in the early part of the fourth quarter, though exact timing has yet to be determined, Alfredo Guillén, a director at the Bolsa tells LatinFinance. The listed entity will be a holding company, called Bolsa Mexicana de Valores, that will also include other entities like Indeval, the securities depository, and MexDer, the derivatives exchange. Currently, the exchange is undergoing general due diligence and valuation procedures, and details like the amount of float and pricing will also be addressed in the coming months. BBVA Bancomer and UBS were tapped to lead the offering. While Bancomer has a strong local presence, UBS has a proven track record in taking exchanges public, says Guillén.

Mexico’s National Development Plan (PND) for the sexenio, which aims to raise growth to 5.0% from 3.5%, is realistic, according to Goldman Sachs. “The policy proposals are sensible, making the PND realistic, particularly given the first signs of a capable administration which is willing and able to work across all political forces to achieve their objectives,” says the shop, adding that it sets “optimistic but yet feasible targets for the administration”. The PND message is that Mexico is stuck in a 3.5% growth rut owing to insufficient reforms and lack of investments and growth in productivity and competitiveness. “Based on a comprehensive approach consisting of prioritizing investments, implementing structural reforms, improvements in education, development of infrastructure, anti-trust policies and increase competition, and the rule of law, the Calderon administration aims at raising the bar to 5.0% by the end of the sexenio, which is a target that we deem to be realistic,” says Goldman.

Ternium, which is acquiring IMSA in Mexico, has completed the wholesale syndication of its $3.82bn loan being led by Citi, and will go out to general syndication starting Monday. Calyon, ABN AMRO, BBVA, Unicredit, Deutsche Bank, Intesa San Paolo, JPMorgan and BNP are MLAs. Lead tickets were announced at $425m. Roadshows will be held in New York, Mexico City and Milan.