Inbursa Sells Peso Paper

Mexico’s Banco Inbursa has sold a MXP3bn ($216m) floater in the domestic bond market. The 2-year notes priced at TIIE +20bp, in line with TIIE+15bp-25bp price talk. The bond was oversubscribed by 1.18x with participation seen mostly from mutual funds and bank treasuries. Proceeds will be used to increase liquidity and grow the bank’s credit portfolio. The bank is considering issuing an additional MXP2bn in 2-year floating rate paper in the domestic market next week. Banamex and Inbursa are managing the proposed new transaction, which is still pending authorization. On this occasion, HSBC and Inbursa led the transaction, rated AAA on a local scale. Inbursa last issued in July, pricing a MXP4.9bn 2014 bond at TIIE +20bp via Actinver, BAML, Inbursa and Santander.