Cabei Scoops Up $68 Million In Five-Year FRN

The Central American Bank for Economic Integration (Cabei) raised 750 million Mexican pesos ($68 million) Wednesday through a five-year deal that followed the most severe sell-off in LatAm assets this year. The deal was rated AAA locally and priced 5 basis points through TIIE. The deal follows a first tranche of 750 million pesos which issued January 17 and priced flat to TIIE. This week’s deal was five times oversubscribed, Cabei treasurer José Felix Magana told LatinFinance. He suggested that demand may have been motivated by funds switching out of equities. The Bolsa in Mexico closed the previous session down another 5.8%. Mexican banks, pension and investment funds and money desks participated in the Cabei offer which was managed by Accival, a unit of Banamex.