Infonacot Plans Local Retap

Mexico’s Instituto Fonacot is preparing to raise MXP1bn ($77m) through a second reopening of its 2014 bonds in the domestic market. The Mexican state-run lender priced the original MXP1.67bn 3-year bonds at TIIE+65bp in December 2011, and in March emerged for another MXP1.15bn at the same spread. A 15% greenshoe is possible. Scotia and BBVA Bancomer are managing the transaction, rated AAA on a local scale.