Interacciones Prices Wide

Mexico’s Banco Interacciones priced MXP2bn in 2014 bonds at 115bp over TIIE, after the bank said it had been looking to issue in the 100bp over TIIE area. While the bank issued the full amount it had been looking to place, the deal was not oversubscribed. The pricing was 10bp tighter than the MXP1.5bn in 3-year bonds it issued in December, at 125bp over TIIE. Private banks and treasuries bought the deal that was self-led together with HSBC. Proceeds will be used to increase lending, especially for local government infrastructure projects.