CAF Preps Local MXN Bonds

Regional development bank Corporacion Andina de Fomento (CAF) plans to issue up to MXP 1.5bn ($128m) in 3-year and 10-year bonds through lead BBVA Bancomer. The 3-year floater is expected to price at a spread over TIIE with the 10-year at a fixed rate. CAF has a global A1/A +/ A+ rating from Moody’s, S&P and Fitch respectively. The MXP bonds have yet to receive a local rating. CAF last came to market in June when it retapped its 3.75% 2016s for another $500m. The MXP bonds have an August 19 issue date.