Inbursa Prices MXP Floater

Mexico’s Banco Inbursa has issued MXP4.9bn ($422.64m) in 3-year floating rate bonds, after receiving 1.1x demand, says a banker on the deal. The bonds priced at TIIE+20bp, flat to guidance and at the same levels achieved by Santander Mexico earlier this month when it reopened its MXP5bn 3-year bond for MXP730m. A non-participating investor says that while Banco Inbursa is a good credit with a AAA rating on a national scale, spreads were not attractive enough to warrant participation. Bankers on the deal say the book size was smaller because Inbursa had capped pricing at TIIE+23bp. Santander, BAML and Actinver were the leads. Banco Inbursa last came to the market in April, when it priced MXP4.5bn 3-year at TIIE+20bp.