Banco Compartamos Sets Target

Mexico’s Banco Compartamos is looking to pay TIIE+70bp-area on a new 5-year bond of up to MXP2bn ($152m), according to a source familiar with the microlender’s plans. The deal scheduled for August 22 would be the fourth under a MXP6bn program. Bancomer, Banamex and HSBC are managing the sale, now rated AAA/AA on a national scale. Following an S&P upgrade to AAA on a national scale from AA, the bank is eyeing more competitive pricing. Compartamos last visited the local bond market in August 2011, when it sold MXP2bn in 2016 domestic bonds at TIIE+85bp.