HSBC Mexico Sells Tier 2 Bonds

HSBC’s Mexican unit has priced MXP1.8bn in 2018 subordinated bonds at TIIE plus 60bp. The amount was reached through bookbuilding, according to bankers managing the sale. Proceeds will strengthen the bank’s Tier 2 capital. HSBC’s capital markets unit managed the transaction, rated AAA on a national scale. BBVA Bancomer has also recently filed to sell an unspecified amount of subordinated bonds.