BBVA Mexico Gets Tier-2 Bonds

BBVA Bancomer has sold MXP3bn in 2018 subordinated bonds at TIIE plus 65bp. The notes were sold primarily to local wealth management and private banking investors, according to a banker on the deal. Proceeds will strengthen the bank’s tier-2 capital base. BBVA managed the sale, rated AAA on a national scale. The issue comes two days after HSBC priced MXP1.8bn in 2018 bonds at 60bp.