Banobras Sees Demand for 4-Year Issue

Mexico’s Banobras has issued MXP7bn 4 year bonds on Tuesday on more than MXP19bn of orders, according to a banker at sole lead Banamex. The bonds priced flat to TIIE, the low end of 0bp-10bp guidance, says the banker. “The order book was diverse with all types of investors,” he adds. Investors had said TIIE flat was fair for the credit. The bonds were rated Aaa on a national scale by Moody’s. The rating is based on the bank’s status as a government-backed issuer. Banobras provides financing for states and municipalities, particularly for infrastructure projects.