Nafin Prices within Expectations

Mexico’s Nacional Financiera has priced a MXP2bn ($149m) bond in the domestic market. The 2022 bond priced at 5.69%, or Mbonos +50bp, in line with expectations. The sale is in line with levels seen on Bancomext’s MXP1.5bn 5.75% 2022 (Mbono +49bp) and government Banobras’s MXP2bn 6.12%2022 (Mbono +50bp), and achieved lower interest rates. The issuer saw 1.8x in demand, led by Afores with additional participation from mutual funds and bank treasuries. Banamex and HSBC managed the transaction, rated AAA on a national scale. Nafin’s previous deal was a 2010 sale including a 3-year MXP4.5bn tranche paying TIIE minus 3bp and a 5-year MXP2.5bn tranche priced at TIIE+2bp.