Credit Agricole Advances MXP Bond Plans

Credit Agricole is preparing to sell up to MXP2bn ($152m) in floating-rate bonds in Mexico’s domestic market. The four-year bonds will represent the second issuance from a MXP10bn program and will pay a spread to the TIIE benchmark. Pricing is expected in late September and proceeds are to be used for general corporate purposes. Banorte Ixe is managing the sale, done through Credit Agricole CIB’s 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.