Nafinsa Lands Debut Syndicated Bond Offering

Mexican development bank Nafinsa has raised MXP5bn ($382m) through its first ever syndicated bond sale, generating almost 3x demand, it says. Nafinsa sold MXP2bn in 3-year floating-rate bonds at TIIE minus 2bp, and a MXP3bn 10-year fixed rated bond at 6.57% or Mbonos+41bp, according to a pricing term sheet. The transaction was done through a group of 20 banks. Nafinsa has replicated a sale process used by the Hacienda since 2010. The goal matches the government’s – achieving better pricing and liquid benchmarks. Nafinsa plans to raise MXP25bn in this way through the end of 2014. The notes are rated AAA on a national scale.