Category: Regions

The first equity issue from a LatAm microfinance institution, Mexico’s Banco Compartamos, priced at the top of the range and the greenshoe was exercised. The bank, which makes micro loans to individuals, sold 5.13bn pesos ($467m) in series O shares on the Mexican Bolsa. International investors took $332.3m in the 144a Reg S tranche, while Mexican retail took $73m. The offering, which accounts for 30% of the bank’s outstanding shares, priced at the top of the range, at 40 pesos a share and included a 15% over-allotment option that was exercised. Compartamos raised the price range to 36 to 40 pesos a share from 28 to 35 pesos after meetings with investors. US investors accounted for around 45%, Europeans near 30%, 20% Mexico and 5% Brazilians. In the first day of trading, Compartamos shares appreciated by 25%. The deal enables shareholders, such as the IFC, which was the third-largest shareholder in the bank, to partially monetize their stakes.

Jorge Sales Martinez has been named the new chief executive of Mexican airport operator Grupo Aeroportuario del Pacifico (GAP). Sales Martinez, a Spanish national, will replace Carlos Del Rio from 1 July. The new chief executive is currently head of Jamaica’s MBJ Airports Limited.

Mexican telco Telmex has sold 9.5bn pesos ($863m) of local bonds in two tranches, carrying two maturities. It sold 5bn pesos of 30-year bonds to yield a fixed rate of 8.36% and 4.5bn pesos of 5-year paper at 0.1 percentage points below the TIIE interbank rate. The issuances were part of a 10bn peso debt program. Proceeds from the sales will fund the upgrade of infrastructure as well as refinancing debt.

Mexican finance company Crédito y Casa is to reopen its residential mortgage-backed securities (Borhis) issue for a second time. It reopened the issue in March to sell 183 UDIs of the inflation-linked paper. This time around the finance company is looking to raise 234 UFIs to take the total outstanding in the market to $309 million (896 UFIs). The securities mature in March 2034 and yield 4.78% and 6.45% respectively.

Standard & Poor’s Ratings Services has raised its national scale rating on the State of Mexico, United Mexican States, to mxBBB- from mxBB+. The outlook remains stable. The State is the second most important economic area outside the federal district. S&P said the upgrade reflects the State’s improved fiscal discipline and transparency of its accounts. “The rating is supported by an ample and diversified economic base and a temporarily funded pension system,” commented S&P analyst Patricia Calvo.