Santander MXP Price Talk Heard

Price talk for the 2-year floating rate tranche of Banco Santander’s bond issuance is 15bp over TIIE, according to market participants. The bank will issue up to MXP5bn on March 17 in a dual tranche deal, though pricing for the 10-year fixed rate tranche has not yet been determined, say bankers. The deal is self-led together with Banamex and HSBC. A banker on the deal says the size of each tranche is yet to be determined. The bonds will be used for working capital and increase maturities.