Grupo Aeroportuario del Sureste, a Mexican airport operator known as ASUR, made its international bond market debut on Thursday, raising $1.8 billion in a two-part offering that received more than twice that amount in subscriptions.
The company issued $900 million worth of five-year bonds and $900 million worth of 10-year notes, according to a source familiar with the deal.
ASUR priced the 2031s at par to yield 6.711%, or 170 basis points over US Treasury bonds, after opening the initial price talk in the area of 180 bps area and setting guidance at around 175 bps. It sold the 2036s at par to yield 7.491%, or 225 bps over USTs, after opening the bidding at around 235 bps and tightening the spread to 230 bps, the source said.
Investors placed as much as $3.8 billion in orders for the BBB-rated notes, the person added.
BBVA, Citi, HSBC and JPMorgan were global coordinators, with BNP Paribas and Santander as bookrunners.
ASUR came to market for the first time after the yield on the 10-year US Treasury, a global benchmark, reached 5.293%, its highest level since 2002, on expectations the Federal Reserve will continue raising interest rates to combat inflation.
The airport operator intends to use the funds to repay a bridge loan it used last year to purchase stakes in airports owned by Brazilian firm Motiva and to refinance other debt, according to a report by S&P Global.
Seven other Mexican corporates have tapped the cross-border market in 2026, including Cox Asset Mexico, CFE and Esentia Energy Development.
Meanwhile, Peruvian lender Banco de Crédito said Wednesday it redeemed the $500 million outstanding on its international 5.25% 2031 bonds, exercising an early call option to repay the debt ahead of schedule. An investor relations officer said last month that the bank would fund the transaction with the proceeds of a bond it issued last year.