NAFINSA Readies First Syndicated Auction

Mexico’s Nafinsa development bank plans to raise up to MXP5bn ($379m) in the domestic bond market today using, for the first time, the federal government’s syndicated auction process. Nafinsa will offer a 3-year floating-rate bond and a 10-year fixed rated bond, each of MXP1bn to MXP4bn, according to offering documents. Actinver, Banamex, BBVA Bancomer and Santander are among the 20 banks working on the transaction. The goal, Nafinsa says, matches the government’s – achieving better pricing and liquid benchmarks. The Hacienda first used the syndicated format in 2010. Nafinsa plans to raise MXP25bn by the end of 2014. The notes are rated AAA on a national scale.