BBVA Bancomer Hybrids to Price Today

Mexico’s BBVA Bancomer has put out price guidance on its $1.1bn in hybrid securities, which it expects to price today, Thursday. For $500m worth of non-cumulative subordinated and non-preferred 15 non-call 10 Tier I notes (A1/BBB+), due 2022, guidance is at 140bp over Treasuries. For the €500m or more in cumulative fixed-to-floating rate subordinated preferred, 10 non-call 5 Tier II notes, due 2017, talk is at mid-swaps plus 45bp. The Tier I notes are and callable in 2017 and thereafter. In year 10 they switch to floating rate and step up 100bp from the price to be determined next week. The Tier II notes are due 2017 and callable in 2012. Credit Suisse, BBVA Securities and Deutsche Bank are joint-leads.