Bancomer Lands Dollar Comeback

Mexico’s BBVA Bancomer has sold $1bn in new 2020 bonds, its first dollar sale in nearly three years. The bank priced at par with a 7.25% coupon to yield at the tight end of 7.25%-7.50% guidance, talk that had been revised from an earlier 7.50% area. The sale drew $4bn in orders, according to banker managing the deal, with nearly half the demand from US investors. Deutsche Bank and Goldman Sachs managed the sale, which came at the end of a US, Asian and European tour. The deal was Bancomer’s first since a $500m 15-year in 2007, according to Dealogic data. The LatAm bank supply shows no sign of stopping, with BancoPanamericano and Interbank set to price subordinated bonds today.