Infonacot to Place Local Bond

Mexico’s Infonacot is doing a roadshow next week for up to MXP3bn 3-year bonds, which it is looking to issue at the end of November, according to lead bankers. Scotia and Bancomer are joint bookrunners on the deal. The proposed bonds are rated AAA on a national scale, and is expected to pay a spread over TIIE of 50bp-60bp, according to investors. The state-backed lender plans to use proceeds to increase its lending portfolio. The issuer last came to the market in April with MXP1.95bn 3-year bonds which paid TIIE plus 40bp.