Mexican Banks Raise Domestic Bonds

Inbursa, Scotia and Interacciones have each raised domestic bonds in what continues to be a busy week for Mexico’s local market, led by Inbursa’s MXP8.05bn ($621m) offer. The Carlos Slim bank issued MXP6.43bn in 2014 bonds at TIIE+20bp, and MXP1.62bn in 2016 bonds at TIIE+30bp. Total demand topped 1.2x, with both tranches pricing in line with expectations. Inbursa, Banamex, Bancomer, HSBC and Banorte-Ixe managed the transaction, rated AAA on a national scale. Inbursa last issued in October, selling MXP5bn in 2015 floating-rate bonds paying TIIE+25bp. It has issued MXP16bn this year and has sold MXP50bn in outstanding debt in the domestic market to date. Meanwhile, Scotia’s Mexican operation raised MXP2bn through the sale of 2015 bonds, pricing at TIIE+25bp. Scotia led the deal rated AAA on a national scale itself. Finally, Interacciones sold MXP700m ($54m) in 2022 subordinated bonds, pricing at TIIE+250bp, in a self-led deal managed rated Baa1/A on a national scale.