Mexico Readies Local Bond Syndication

Mexico’s government is planning to sell MXP14.37bn ($1.09bn) in Udibonos through a syndicated bond sale today, the finance ministry says. Following the sale, the ministry expects to reopen the 2.0% coupon 2022s at periodic auctions beginning in 4Q. Bank of America Merrill Lynch, BBVA Bancomer, Banamex, HSBC and Santander are managing the sale. In its most recent syndication, Mexico sold MXP30bn in 2017 Mbonos in July. On the corporate side of the domestic debt market, Paccar Mexico is scheduled to raise today MXP1bn in 2015 bonds, through BBVA Bancomer and Banamex. Also, Banco Multiva plans to issue up to MXP1bn in 2022 fixed-rate subordinated notes, led by Multiva and Credit Suisse.