Mexico DCM Pipeline Fills Up

Domestic bond issuance is picking up in Mexico, with Banamex, Infonavit and Televisa expected to issue this week. Banamex is set for a dual tranche MXP7.5bn deal today, with a 7-year floating rate and a 10-year fixed rate tranche on Tuesday. Banamex and Santander are bookrunners on the floater and HSBC, Inbursa and Banamex are managing the fixed rate. The proceeds from the AAA sale will go towards liability management. Government-backed lender Infonavit will meanwhile issue MXP3.5bn equivalent in UDI-denominated RMBS deal. The 2038s pay a fixed rate and have an average life of 4.8 years. Banamex and HSBC are joint leads on the deal, rated AAA on a national scale. Infonavit raised MXP4.2bn in June in a 2038 deal via the same banks, paying 3.90% and 5.05% fixed rates on tranches with different average lives. Finally, Televisa is preparing a much-anticipated debut domestic bond. The broadcaster plans up to MXP10bn in fixed rate notes, expected to price Thursday. HSBC and Santander are managing the transaction, rated AAA on a national scale.