Banorte Clinches MXP1.9bn Securitization

Mexico’s Banorte priced Wednesday MXP1.975bn ($181m) worth of 2017 certificados at TIIE minus 5bp to yield 7.65%. The notes, rated Baa1 on a local scale by Moody’s, are backed by four bonds: 6.375% guaranteed Pemex PFMT notes (Baa1) due 2016; 3.875% Euro Bancomext MTNs (A1) due 2009; 9.625% Monterrey Power senior secured bonds (Baa1) due 2009; and 5.625% United Mexican States global notes (Baa1) due 2017. Proceeds are for general corporate purposes.