Inbursa Raises MXP5bn in Bonds

Mexico’s Banco Inbursa, a subsidiary of financial group Inbursa, issued up to MXP5bn in 2-year bonds on Tuesday. Inbursa, Banamex and HSBC were joint leads on the transaction, rated AAA on a national scale. The bonds will pay a spread of 13bp over TIIE, after the order book was 1.47x oversubscribed. Investors had expected pricing to be in the 25bp over TIIE area. Funds will be used to improve the bank’s liquidity profile and expand its credit portfolio. This will be the bank’s third issue this year. In October, it sold MXP5.0bn in 3-year bonds at TIIE plus 20.0bp on a book that was 1.7x oversubscribed, according to a banker at one of the leads. That transaction was through Inbursa and BBVA Bancomer and rated AAA on a national scale. Before that, Inbursa issued a MXP5bn 5-year bond at TIIE plus 24bp in August, its first since 1993.