Lenders Add to Mexico DCM Pipeline

Mexican debt markets remain active, partly due to access and relative value for issuers associated with tougher external markets conditions, particularly in the US. BBVA Bancomer is expected to price up to MXP4.1bn in 2027 RMBS as soon as Wednesday. The notes are rated AAA on a national scale and backed by a pool of 8,200 of Bancomer-originated mortgage credits, according to a regulatory filing. BBVA’s own capital markets unit is managing the sale. Fellow lender Banorte is preparing up to MXP3bn in 2018 bonds to strengthen its capital base. Also set for Wednesday is Financiera Independencia, with MXP1bn in 2011 floating-rate bonds via HSBC.