Bancomext Prices Local Bond

Mexico’s Banco Nacional de Comercio Exterior (Bancomext) has priced a MXP2bn ($154m) 10-year domestic bond, according to people following the deal. The sale came at a fixed rate of 5.94%, or Mbonos+50bp, in line with Mbonos+50bp guidance. It was 2x oversubscribed with Afores, insurance and mutual funds driving the majority of the demand. Proceeds will be used to fund the development bank’s portfolio. Banamex and HSBC managed the deal, rated AAA on a national scale. It previously raised MXP1.5bn in 2022 bonds at 5.75% in July.