Bancomext Comes In-Line to Guidance

Mexico’s Banco Nacional de Comercio Exterior, has priced MXP5bn of 2015 bonds at 1bp through TIIE, in-line with guidance in the TIIE area, according to a banker on the deal. Investors say the deal was attractive, providing an opportunity for investors to diversify their portfolios while offering a government guarantee, they say. The bank is backed by the federal government and is rated AAA on a national scale. It has been 6 years since Bancomext last came to the bond market. The deal received MXP11.4bn of demand, the banker says, attracting 53 orders, with 45 tickets being assigned. Demand came from a wide range of investors including insurance companies, pension funds, mutual funds, bank treasuries and private banks, says the banker. Proceeds will be used to generate export loans. Banamex and HSBC were managing the sale.