Bancomer Goes Short in Local Deal

BBVA Bancomer has raised MXP10bn from the sale of a 364-day CD, changing tack from a planned certificados bursatiles sale in Mexico’s local market. The interest on the CD is the TIIE benchmark rate, according to an official familiar with the transaction. The bank, rated AAA on a national scale, was originally planning to do a 3-year deal of around MXP2bn-MXP3bn, but opted to raise more at a shorter tenor.