Broker Taps Mexican Bond Market

Brokerage firm Grupo Bursatil Mexicano (GBM) has issued MXP1.2bn ($92m) in domestic bonds, according to people familiar with the transaction. The bond priced at TIIE+55bp, in line with TIIE+55bp guidance. Proceeds from the 3-year note will be used to replace existing debt and for working capital purposes. BBVA Bancomer, HSBC and GBM managed the transaction, rated AA on a national scale. The deal follows a May sale, in which the issuer priced a MXP650m 1.2-year floating-rate bonds at TIIE+25bp.