Credit Agricole Preps MXP Bond

Credit Agricole is preparing to sell floating-rate bonds in Mexico’s domestic market, according to a regulatory filing. The bonds will represent the second issuance from a MXP10bn program, and pay a spread to spread to the TIIE benchmark. Proceeds are to be used for general corporate purposes. Banorte Ixe and BBVA Bancomer are managing the sale, done through the Credit Agricole CIB Productos Financieros unit and guaranteed by Credit Agricole Corporate and Investment bank. Credit Agricole was last in the Mexican market in 2010,when it priced a 3-year floater at TIIE+30bp.