Mexican Microfinancier to Issue Bonds

Mexican Microfinancier to Issue Bonds Mexico’s Banco Compartamos, the microfinancing bank that lends only to women, will issue 4-year bonds on the domestic market October 6, according to a regulatory filing. Price talk is 130bp-140bp over TIIE, say investors. “Pricing looks very good as it is a good credit, with good capital ratios, especially as other banks price flat to TIIE or in double digits,” says an investor. He adds that despite Compartamos having received criticism that it is not sufficiently stringent with lending conditions, he does not see this as the case, and is looking to participate in the issue. The deal is rated AA minus on a national scale. BBVA Bancomer is bookrunner.