Mexican export-import bank Bancomext raised MXN10.7 billion ($590 million) in a two-part sale of sustainable bonds in the local market on Wednesday.
The lender priced MXN5.94 billion in 10-year bonds at a fixed rate, or 43 basis points over Mbono government bonds, and sold MXN4.83 billion in three-year notes over the TIIE interbank lending rate plus 25 basis points, according to a press release.
The offer generated demand of MXN13.6 billion, equivalent to 1.82 times the target amount of MXN7.5 billion, it said.
The sale’s proceeds will be used to finance nearshoring projects and investments to strengthen value chains, it said without elaborating.
Last month, Bancomext said it plans to provide MXN15 billion in financing for companies looking to build warehouses next year as nearshoring boosts the export sector.
Bancomext raised MXN10 billion with sales of sustainability-linked bonds (SLBs) in the local market in both March and November last year. It also printed $500 million worth of SLBs in the international market in July 2021.